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Dear Editor,
DAILY we read, commentators on the Guyana PSA with EXXON and their negative comments to the 2015-2020 Coalition Government.
It is VERY Important for ALL to Remember the following 7 KEY POINTS especially # 7 for GUYANA PSA with EXXON:
1. ROYALTY 2%
2. PROFIT SHAREFIXED 50%
3. Corporate Income Tax ZERO %
4. Environmental Responsibility GUYANA
5. Guyana TAX Receipt to EXXON: with NO Tax Payment from Exxon.
6. 75% Cost Recovery CEILING.
7. Very Important. KEY POINT. 1 % Royalty ( President Janet Jagan) INCREASED 100 % TO 2 % ROYALTY ( President David Granger) due to THE VENEZUELAN Border Issue & TIME was of the ESSENCE. ONE VARIABLE that needs to be factored in when viewing the EXXON CONTRACT is the NATIONAL SECURITY VARIABLE.
When comparing, we need to look at COUNTRIES that are SMALL, with LARGE PETROLEUM RESOURCES, and are THREATENED and UNDERMINED by a LARGER and MILITARILY POWERFUL NEIGHBOUR.
Apart from the RISKS involved to POTENTIAL INVESTORS , Guyana needed a STRATEGIC PARTNER in EXXON, a US company, to GUARANTEE its SECURITY. These HIDDEN COSTS are what are in the PSA AGREEMENT.
It is not APPLES and APPLES COMPARISON to look at GUYANA and OTHER COUNTRIES, the same way.
Accept, my Assurances of Highest Consideration.
Professor Dr. Shamir Andrew Ally, PhD., MBA, FAIA (UK), DTM.
A FULL LIFE : Services to Guyana in Public, Private & Social Sectors through 1979. USA CSuite Executive at AMEX, NYSE, and NASDAQ Listed Electronic MANUFACTURING Corporations in NEW YORK and PENNSYLVANIA. IRS AGENT New York. PROFESSOR, Servant Leader, SECOND Ambassador to Kuwait, FIRST Alternate Governor Islamic Development Bank and AUTHOR.
