ExxonM free to recover interest rates without Minister s approval - oil contract kaieteurnewsonline.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from kaieteurnewsonline.com Daily Mail and Mail on Sunday newspapers.
ExxonMobil has to date invested close to US$40 billion to develop the resources discovered in the Stabroek Block and because of the lopsided oil contract it inked with the Government of Guyana in 2016, the company can recover the interest on loans it took without government’s approval.
The 2016 Production Sharing Agreement (PSA) that the Guyana government inked with oil major, ExxonMobil allows the company to pay back accumulated interest on loans it took to develop the resources in the Stabroek Block, without the prior approval of the Minister in charge.