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ExxonM free to recover interest rates without Minister's approval - oil contract

ExxonM free to recover interest rates without Minister's approval - oil contract
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At 10% interest rate, Guyana giving away US$4B annually on oil projects

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. ....

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Guyana blindly paying oil companies' interest on loans without Govt.'s approval - contract

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. ....

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