OGGN raises another oil banner at Sybil’s restaurant in NYC

Jul 07, 2024 News

Members of OGGN outside of Sybil’s bakery in New York

…calls on Gov’t to demand full oil spill liability and profit taxes

Kaieteur News – Members of the Oil and Gas Global Network (OGGN) on Saturday raised an oil banner to express their discontent with the Stabroek Block Contract at Sybil’s, a Guyanese bakery in New York City.

The banner focuses, on the OGGN calling for Guyana and the Caribbean to be protected in the case of a massive oil spill and for profit taxes to be paid by Exxon and its partners.

OGGN stated, “In his June 28th column titled, Oil companies have earned five times more from oil than Guyana, Chris Ram (Christopher Ram) showed in a table that the taxes that were NOT paid by the foreign oil companies for 2023 amounted to US$1.5 billion dollars. In contrast, the oil profits that Guyana received in 2023 were US$1.4 billion.”

There are 142 countries that are part of the Organization for Economic Cooperation and Development (OECD) initiative to tackle tax avoidance by multi-national corporations. OGGN highlighted that Guyana is one of the few countries that is not part of this initiative.

“The foreign oil companies use Guyana’s infrastructure such as roads and airports. Guyanese tax payers funded those infrastructure that the oil companies take for granted,” OGGN said in a statement, while highlighting that instead, the government issued fake tax receipts to the oil companies.

“We at OGGN demand that Exxon and its partners pay taxes on their oil profits. Additionally, Guyana needs to join the OECD/G20 Inclusive Framework on Base Erosion and Profit Shifting (BEPS) to give us the leverage to force multinational oil companies such as Exxon to pay their taxes,” OGGN concluded.

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Exxon, OGGN, oil banner, oil spill liability, profit taxes

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