Government should appoint Ramotar, Jagdeo to help resuscitate Venezuelan rice deal

Dear Editor,

The PetroCaribe deal that facilitated the export of rice to Venezuela as a form of payment for fuel imported from Venezuela is an avenue that should be pursued as the highest priority.

The expanding foreign currency crisis in Guyana is in no small way linked to the unilateral cancellation by Venezuela of the PetroCaribe agreement between Vene-zuela and Guyana. Currently, Guyana must now pay full price in United States Dollars in advance to the Petroleum Company of Trinidad and Tobago Limited (Petrotrin).

In the latter part of 2015 and beyond, Guyana was unable to source significant amounts of its fuel imports at discounted prices and obtain generous credit facilities from Venezuela. This included an initial moratorium of two years on the financed portion of the fuel purchase, with the financed portion of fuel imports, ranging from 40% to 60% of the purchase price of fuel, repayable over approximately twenty-three years.

Also, the PetroCaribe rice offset arrangement generated increasingly high levels of rice exports at premium prices, where close to 500,000 tonnes of rice were exported by the end of 2014. It created increased employment opportunity in the rice industry and its many sectors, economic prosperity for many of our rice farmers and millers and acted as a key driver to boost the Guyana economy.

The economic downturn we are now experiencing could become exponentially worse. The sugar, rice and forestry industries are haemorrhaging and revenue from the huge oil find offshore Guyana will not be received until 2026, based on recent media reports and assuming anticipated revenue from oil production is not sold by the Guyana Government at a discounted value.

Information on the revenue sharing arrangement with Exxon is based on comments in the media from Minister Trotman, who clearly stated that Guyana will not receive any revenue from production until Exxon has recovered its investment cost. The investment cost is presently projected to be US$6 billion by the time production commences in 2020. Assuming production of 100,000 barrels per day starts in 2020 at current market prices, the US$6 billion in exploration and production costs will not be repaid until 2026. Thus, our Finance Minister must look to the most likely economic opportunities that will revitalize the economy over the next several years.

Recently the Democratic Labour Party of Barbados reached out to former Prime Minister of Barbados, Mr Owen Arthur, who held the post as Prime Minister from September 1994 to January 2008, and was appointed on March 1, 2017 as Chief Economic Advisor to the ruling administration. Owen Arthur is from the Barbados Labour Party, currently the major opposition party.

My recommendation is that the Guyana Government appoint two of our former Presidents, Mr Donald Ramotar and Mr Bharrat Jagdeo, who are both known to have very good relationships with the President of Venezuela, Mr Nicolás Maduro. The purpose of the appointments would be to reactivate the Guyana-Venezuela PetroCaribe agreement with the rice offset component. Sugar might even be added as an offset option for the fuel imported.

The economy of our Venezuelan neighbour is not going through the best of times; however, Venezuela has oil in abundance and their oil reserves amount to the largest proven oil reserves in the world. The reinstatement of the PetroCaribe and rice offset agreements between Venezuela and Guyana will certainly allow the Guyana economy to right itself and halt the decline in our foreign exchange rate, among other positive benefits.

Let us unite in our efforts for the benefit of all Guyanese. We are capable enough of dealing diplomatically with Venezuela’s spurious claims to western Guyana and large parts of Guyana’s Atlantic waters, while we seek economic trade arrangements with Venezuela that will benefit both countries.

 

Yours faithfully,

Nigel Hinds

Original Post

My recommendation is that the Guyana Government appoint two of our former Presidents, Mr Donald Ramotar and Mr Bharrat Jagdeo, who are both known to have very good relationships with the President of Venezuela, Mr Nicolás Maduro. The purpose of the appointments would be to reactivate the Guyana-Venezuela PetroCaribe agreement with the rice offset component. Sugar might even be added as an offset option for the fuel imported.

 

Shit heads, dunces, crabdogs, dummies..only in the PNC. Maybe these two are smarter than the combined PNC government jackasses(Nagamottoo and Rumjhattan included).

"Information on the revenue sharing arrangement with Exxon is based on comments in the media from Minister Trotman, who clearly stated that Guyana will not receive any revenue from production until Exxon has recovered its investment cost. The investment cost is presently projected to be US$6 billion by the time production commences in 2020. Assuming production of 100,000 barrels per day starts in 2020 at current market prices, the US$6 billion in exploration and production costs will not be repaid until 2026. Thus, our Finance Minister must look to the most likely economic opportunities that will revitalize the economy over the next several years."


 

This doesn't sound right,what kind of deal is this ???

Django posted:

"Information on the revenue sharing arrangement with Exxon is based on comments in the media from Minister Trotman, who clearly stated that Guyana will not receive any revenue from production until Exxon has recovered its investment cost. The investment cost is presently projected to be US$6 billion by the time production commences in 2020. Assuming production of 100,000 barrels per day starts in 2020 at current market prices, the US$6 billion in exploration and production costs will not be repaid until 2026. Thus, our Finance Minister must look to the most likely economic opportunities that will revitalize the economy over the next several years."


 

This doesn't sound right,what kind of deal is this ???

What kind of a deal did you expect?  Any fool from anywhere can outsmart the PNC govt. 

GTAngler posted:

Thinking the same thing. I thought costs are supposed to be shared. So does this mean that after Exxon has recouped all they initially put in, all wells etc. will at least be half owned by the Government of Guyana?

GT

You could not be surprised. The PNC Dog Shyte Administration negotiated profits and Guyana will not see a penny until 2026.

Until then, the economy will be in the toilet (at the current pace) and Guyana will be worse off than Haiti with a PNC led military dictatorship.

ba$eman posted:

I'm quite sure BJ and the PPP could do something with Venez on rice.  However, it will come at a political price and is the PNC willing to accept?  I doubt they will play ball!

PPP should not rush to the rescue of the PNC. Let the PNC drown in their own vomit.

PPP has a lot of clout and experience with rice markets. Let the AFC/PNC loudmouths Dog Shyte leaders prove their worth.

yuji22 posted:
ba$eman posted:

I'm quite sure BJ and the PPP could do something with Venez on rice.  However, it will come at a political price and is the PNC willing to accept?  I doubt they will play ball!

PPP should not rush to the rescue of the PNC. Let the PNC drown in their own vomit.

PPP has a lot of clout and experience with rice markets. Let the AFC/PNC loudmouths Dog Shyte leaders prove their worth.

The overpriced Petro Caribe Deal saved the day and don't forget the contract was coming to an end.

Django posted:
yuji22 posted:
ba$eman posted:

I'm quite sure BJ and the PPP could do something with Venez on rice.  However, it will come at a political price and is the PNC willing to accept?  I doubt they will play ball!

PPP should not rush to the rescue of the PNC. Let the PNC drown in their own vomit.

PPP has a lot of clout and experience with rice markets. Let the AFC/PNC loudmouths Dog Shyte leaders prove their worth.

The overpriced Petro Caribe Deal saved the day and don't forget the contract was coming to an end.

Django bai, you prefer to see dem coolies suffer nah? Did you ever hear about renewing contracts? Maybe your PNC is not smart enough to think this way. Can't blame them; low achievers.

Django posted:

"Information on the revenue sharing arrangement with Exxon is based on comments in the media from Minister Trotman, who clearly stated that Guyana will not receive any revenue from production until Exxon has recovered its investment cost. The investment cost is presently projected to be US$6 billion by the time production commences in 2020. Assuming production of 100,000 barrels per day starts in 2020 at current market prices, the US$6 billion in exploration and production costs will not be repaid until 2026. Thus, our Finance Minister must look to the most likely economic opportunities that will revitalize the economy over the next several years."


 

This doesn't sound right,what kind of deal is this ???

I was hoping you get some inside information on this. Why ask us when you have all the inside info? Use your red phone to ask Granger. Let us know when you find out something.

ba$eman posted:

I'm quite sure BJ and the PPP could do something with Venez on rice.  However, it will come at a political price and is the PNC willing to accept?  I doubt they will play ball!

I doubt anybody can negotiate with the current regime in Venezuela without including Essequibo. Maduro will want one of two things. Either a moratorium un drilling or ceding Essequibo to Venezuela. A third option could be to involve Venezuela in processing the crude oil but Maduro cannot be trusted. Working with what we have now, hope to god that Venezuela doesn't invade Essequibo or that they go after Exxon Platforms and incur the wrath of the US. Keep in mind that Exxon is loyal only to money and will deal with whomever.

skeldon_man posted:
Django posted:
yuji22 posted:
ba$eman posted:

I'm quite sure BJ and the PPP could do something with Venez on rice.  However, it will come at a political price and is the PNC willing to accept?  I doubt they will play ball!

PPP should not rush to the rescue of the PNC. Let the PNC drown in their own vomit.

PPP has a lot of clout and experience with rice markets. Let the AFC/PNC loudmouths Dog Shyte leaders prove their worth.

The overpriced Petro Caribe Deal saved the day and don't forget the contract was coming to an end.

Django bai, you prefer to see dem coolies suffer nah? Did you ever hear about renewing contracts? Maybe your PNC is not smart enough to think this way. Can't blame them; low achievers.

Nah bhai,they pass thru worse,Madburro got crazy when he heard Guyana discovered oil in large quantities ,suh the fella decided not to purchased our rice,the Military man step pun he toe next he issued decree.

The people will pull through,better days ahead.

Django posted:

"Information on the revenue sharing arrangement with Exxon is based on comments in the media from Minister Trotman, who clearly stated that Guyana will not receive any revenue from production until Exxon has recovered its investment cost. The investment cost is presently projected to be US$6 billion by the time production commences in 2020. Assuming production of 100,000 barrels per day starts in 2020 at current market prices, the US$6 billion in exploration and production costs will not be repaid until 2026. Thus, our Finance Minister must look to the most likely economic opportunities that will revitalize the economy over the next several years."


 

This doesn't sound right,what kind of deal is this ???

PNC has sold out Guyana for power. America helped installed the PNC at the expense of the Guyanese well being. Power! Power PNC style..by hook or crook

Django posted:
skeldon_man posted:
Django posted:
yuji22 posted:
ba$eman posted:

I'm quite sure BJ and the PPP could do something with Venez on rice.  However, it will come at a political price and is the PNC willing to accept?  I doubt they will play ball!

PPP should not rush to the rescue of the PNC. Let the PNC drown in their own vomit.

PPP has a lot of clout and experience with rice markets. Let the AFC/PNC loudmouths Dog Shyte leaders prove their worth.

The overpriced Petro Caribe Deal saved the day and don't forget the contract was coming to an end.

Django bai, you prefer to see dem coolies suffer nah? Did you ever hear about renewing contracts? Maybe your PNC is not smart enough to think this way. Can't blame them; low achievers.

Nah bhai,they pass thru worse,Madburro got crazy when he heard Guyana discovered oil in large quantities ,suh the fella decided not to purchased our rice,the Military man step pun he toe next he issued decree.

The people will pull through,better days ahead.

Forget Maduro. Check what your PNC signed and gave away all the oil. When Exxon is done by 2026, Guyana will hold gadaha ke lar!

GTAngler posted:
ba$eman posted:

I'm quite sure BJ and the PPP could do something with Venez on rice.  However, it will come at a political price and is the PNC willing to accept?  I doubt they will play ball!

I doubt anybody can negotiate with the current regime in Venezuela without including Essequibo. Maduro will want one of two things. Either a moratorium un drilling or ceding Essequibo to Venezuela. A third option could be to involve Venezuela in processing the crude oil but Maduro cannot be trusted. Working with what we have now, hope to god that Venezuela doesn't invade Essequibo or that they go after Exxon Platforms and incur the wrath of the US. Keep in mind that Exxon is loyal only to money and will deal with whomever.

Venezuela cannot invade and they know it.  They are using the leverage of keeping the issue open holding back investment and as such Guyana's consolidation of the region into Guyana's economy.  It's all blackmail!

skeldon_man posted:
Django posted:

"Information on the revenue sharing arrangement with Exxon is based on comments in the media from Minister Trotman, who clearly stated that Guyana will not receive any revenue from production until Exxon has recovered its investment cost. The investment cost is presently projected to be US$6 billion by the time production commences in 2020. Assuming production of 100,000 barrels per day starts in 2020 at current market prices, the US$6 billion in exploration and production costs will not be repaid until 2026. Thus, our Finance Minister must look to the most likely economic opportunities that will revitalize the economy over the next several years."


 

This doesn't sound right,what kind of deal is this ???

PNC has sold out Guyana for power. America helped installed the PNC at the expense of the Guyanese well being. Power! Power PNC style..by hook or crook

Black Gold.....bhai

PPP screwed up they became too power drunk,I blame that fella BJ.

Made a few post on their blog shortly after they wipe it out,looks like truth and free speech isn't their cup of tea.

Django posted:
skeldon_man posted:
Django posted:

"Information on the revenue sharing arrangement with Exxon is based on comments in the media from Minister Trotman, who clearly stated that Guyana will not receive any revenue from production until Exxon has recovered its investment cost. The investment cost is presently projected to be US$6 billion by the time production commences in 2020. Assuming production of 100,000 barrels per day starts in 2020 at current market prices, the US$6 billion in exploration and production costs will not be repaid until 2026. Thus, our Finance Minister must look to the most likely economic opportunities that will revitalize the economy over the next several years."


 

This doesn't sound right,what kind of deal is this ???

PNC has sold out Guyana for power. America helped installed the PNC at the expense of the Guyanese well being. Power! Power PNC style..by hook or crook

Black Gold.....bhai

PPP screwed up they became too power drunk,I blame that fella BJ.

Made a few post on their blog shortly after the wipe it out,looks like truth and free speech isn't their cup of tea.

Don't blame BJ. These PNC fools will be fooled by fools' gold. There would be no oil left. Guyana will be the beggar of the western hemisphere after 2026.

I was chatting with a lady who used to live on my street and found out she was Venezuelan. So I said I'm exactly fond of Venezuelans. She got upset and when I told her why, she said the same thing. Maduro can't even provide food for Venezuela and he was just looking for issues to deflect attention from himself. She also said that the biggest role of the military was protecting the drug dealers.

skeldon_man posted:
Django posted:
skeldon_man posted:
Django posted:

"Information on the revenue sharing arrangement with Exxon is based on comments in the media from Minister Trotman, who clearly stated that Guyana will not receive any revenue from production until Exxon has recovered its investment cost. The investment cost is presently projected to be US$6 billion by the time production commences in 2020. Assuming production of 100,000 barrels per day starts in 2020 at current market prices, the US$6 billion in exploration and production costs will not be repaid until 2026. Thus, our Finance Minister must look to the most likely economic opportunities that will revitalize the economy over the next several years."


 

This doesn't sound right,what kind of deal is this ???

PNC has sold out Guyana for power. America helped installed the PNC at the expense of the Guyanese well being. Power! Power PNC style..by hook or crook

Black Gold.....bhai

PPP screwed up they became too power drunk,I blame that fella BJ.

Made a few post on their blog shortly after the wipe it out,looks like truth and free speech isn't their cup of tea.

Don't blame BJ. These PNC fools will be fooled by fools' gold. There would be no oil left. Guyana will be the beggar of the western hemisphere after 2026.

Easy cuz........

skeldon_man posted:
 

Don't blame BJ. These PNC fools will be fooled by fools' gold. There would be no oil left. Guyana will be the beggar of the western hemisphere after 2026.

We will find out,there is a few fellas i have some confidence in this current admin,me thinks BJ screwing up the PPP.

The old guard is up to their tricks packing the Gov't with friends and families,they seem to forget there is no immortality.

yuji22 posted:
ba$eman posted:

I'm quite sure BJ and the PPP could do something with Venez on rice.  However, it will come at a political price and is the PNC willing to accept?  I doubt they will play ball!

PPP should not rush to the rescue of the PNC. Let the PNC drown in their own vomit.

PPP has a lot of clout and experience with rice markets. Let the AFC/PNC loudmouths Dog Shyte leaders prove their worth.

The PPP can help if they're asked to lend a hand. But the coalition will get the credit. I don't believe Granger will consider this option, and Maduro may not agree to such negotiation either. Dr. Jagdeo did offered to help Granger in the financial area, but Granger ego was to big to accept his expertise.

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