Latest news with #GranMorgu
Yahoo
26-05-2025
- Politics
- Yahoo
Suriname's ruling party, opposition nearly tied in parliamentary election
By Ank Kuipers PARAMARIBO (Reuters) -Suriname's ruling party and its top opposition rival won almost the same number of parliamentary seats in an election on Sunday, setting the stage for complex coalition negotiations that will determine who becomes the country's next president. The South American nation is on the cusp of a predicted oil boom, but campaigning for the ballot featured little debate about what the next government, which will hold power until 2030, should do with the income. With 43 polling stations yet to be counted, results showed the opposition National Democratic Party (NDP) - founded by former President Desi Bouterse, who dominated Surinamese politics for decades but died a fugitive last year - had won 18 seats, with 79,544 votes. The ruling Progressive Reform Party (VHP) of current President Chan Santokhi won 17 seats, with 75,983. Smaller parties, now potential kingmakers, won the remaining 16 of 51 total seats. An unknown number of votes from the uncounted polling stations remained to be added to the tally as of early Monday. Turnout so far was 58% of about 400,000 eligible voters. Negotiations between parties to choose a president and cabinet ministers for the former Dutch colony, independent since 1975, were already expected to take weeks even prior to the tight result. A two-thirds majority in parliament is required to elect the president. FIRST MAJOR OFFSHORE PROJECT Santokhi, a 66-year-old former police commissioner who has campaigned to remain in office, won more votes than any other lawmaker, just under 40,000. "We asked for a mandate and this is the mandate that the people have given. With that, we now have to move forward. It is up to us to have talks with other political parties based on this," Santokhi, who has not ruled out cooperation with any other party, told local newspaper the Suriname Herald. The NDP is set to back its party head Jennifer Simons, a doctor who served as parliamentary speaker for a decade until 2020, for president. Simons was second in vote tallies, winning 34,750 votes. The NDP will not work with the VHP, NDP Vice Chair Sergio Akiemboto told reporters late on Sunday. NDP founder Bouterse left office in 2020, the year after he was convicted in the 1982 murders of 15 government critics. When the conviction was upheld in 2023, Bouterse went into hiding, dying at the age of 79 at an unknown location on Christmas Eve. Suriname's first big offshore energy development, the Gran Morgu oil and gas project, is set to begin production in 2028. The project is led by TotalEnergies. Discovered reserves may allow Suriname to compete with neighbor Guyana - whose economy grew 43.6% last year - as a prominent producer.
The Star
26-05-2025
- Politics
- The Star
Suriname's ruling party, opposition nearly tied in parliamentary election
Suriname's opposition leader Jennifer Geerlings-Simons of the National Democratic Party (NDP) celebrates with supporters as she proclaims herself the winner of the presidency as counting continues during the National Assembly election, in Paramaribo, Suriname, May 26, 2025. REUTERS/Ranu Abhelakh PARAMARIBO (Reuters) -Suriname's ruling party and its top opposition rival won almost the same number of parliamentary seats in an election on Sunday, setting the stage for complex coalition negotiations that will determine who becomes the country's next president. The South American nation is on the cusp of a predicted oil boom, but campaigning for the ballot featured little debate about what the next government, which will hold power until 2030, should do with the income. With 43 polling stations yet to be counted, results showed the opposition National Democratic Party (NDP) - founded by former President Desi Bouterse, who dominated Surinamese politics for decades but died a fugitive last year - had won 18 seats, with 79,544 votes. The ruling Progressive Reform Party (VHP) of current President Chan Santokhi won 17 seats, with 75,983. Smaller parties, now potential kingmakers, won the remaining 16 of 51 total seats. An unknown number of votes from the uncounted polling stations remained to be added to the tally as of early Monday. Turnout so far was 58% of about 400,000 eligible voters. Negotiations between parties to choose a president and cabinet ministers for the former Dutch colony, independent since 1975, were already expected to take weeks even prior to the tight result. A two-thirds majority in parliament is required to elect the president. FIRST MAJOR OFFSHORE PROJECT Santokhi, a 66-year-old former police commissioner who has campaigned to remain in office, won more votes than any other lawmaker, just under 40,000. "We asked for a mandate and this is the mandate that the people have given. With that, we now have to move forward. It is up to us to have talks with other political parties based on this," Santokhi, who has not ruled out cooperation with any other party, told local newspaper the SurinameHerald. The NDP is set to back its party head Jennifer Simons, a doctor who served as parliamentary speaker for a decade until 2020, for president. Simons was second in vote tallies, winning 34,750 votes. The NDP will not work with the VHP, NDP Vice Chair Sergio Akiemboto told reporters late on Sunday. NDP founder Bouterse left office in 2020, the year after he was convicted in the 1982 murders of 15 government critics. When the conviction was upheld in 2023, Bouterse went into hiding, dying at the age of 79 at an unknown location on Christmas Eve. Suriname's first big offshore energy development, the Gran Morgu oil and gas project, is set to begin production in 2028. The project is led by TotalEnergies. Discovered reserves may allow Suriname to compete with neighbor Guyana - whose economy grew 43.6% last year - as a prominent producer. (Reporting by Ank Kuipers in Paramaribo;Writing by Julia Symmes Cobb;Editing by Helen Popper)
Yahoo
25-05-2025
- Politics
- Yahoo
Oil riches are on the horizon as Suriname chooses its next government
Voters in Suriname, which is on the cusp of a much anticipated oil boom, have begun to elect a new parliament, which will subsequently choose the next president of the smallest nation in South America. Sunday's elections have already been marked by fraud allegations and have seen little debate about what the next government, which will hold power until 2030, should do with income from the offshore oil and gas Gran Morgu project. It is to begin production in 2028. Experts said Suriname, a country beset by poverty and rampant inflation, is projected to make billions of dollars in the coming decade or two from recently discovered offshore crude deposits. The project, led by TotalEnergies, is Suriname's first major offshore effort. The former Dutch colony, independent since 1975, discovered reserves that may allow it to compete with neighbouring Guyana – whose economy grew 43.6 percent last year – as a prominent producer. 'It will be a huge amount of income for the country,' President Chan Santokhi told the AFP news agency this week. 'We are now able … to do more for our people, so that everyone can be part of the growth of the nation.' Santokhi is constitutionally eligible for a second term, but with no single party in a clear lead in the elections, pollsters are not predicting the outcome. The party with the most seats will lead Suriname's next government, likely through a coalition with smaller parties, but negotiations and the choosing of a new president are expected to take weeks. Fourteen parties are taking part in the elections, including Santokhi's centrist Progressive Reform Party and the leftist National Democratic Party of deceased former coup leader and elected President Desi Bouterse. Also in the running is the centre-left General Liberation and Development Party of Vice President Ronnie Brunswijk, a former rebel who fought against Bouterse's government in the 1980s. Provisional results are expected by late Sunday. Suriname – a diverse country made up of descendants of people from India, Indonesia, China, the Netherlands, Indigenous groups and enslaved Africans – will mark the 50th anniversary of its independence from the Netherlands in November. Since independence, it has looked increasingly towards China as a political ally and trading partner and in 2019 became one of the first Latin American countries to join the Asian giant's Belt and Road infrastructure drive. United States Secretary of State Marco Rubio made a stopover in Suriname in March on a regional tour aimed at countering China's growing influence in the region. More than 90 percent of the country is covered in forest, and it is one of few in the world with a negative carbon footprint. Santokhi insisted this status is not in danger and Suriname can use its oil windfall 'for the transition towards the green energy which we need, also because we know the fossil energy is limited'. 'It will be gone after 40 years.'
Al Jazeera
25-05-2025
- Politics
- Al Jazeera
Oil riches are on the horizon as Suriname chooses its next government
Voters in Suriname, which is on the cusp of a much anticipated oil boom, have begun to elect a new parliament, which will subsequently choose the next president of the smallest nation in South America. Sunday's elections have already been marked by fraud allegations and have seen little debate about what the next government, which will hold power until 2030, should do with income from the offshore oil and gas Gran Morgu project. It is to begin production in 2028. Experts said Suriname, a country beset by poverty and rampant inflation, is projected to make billions of dollars in the coming decade or two from recently discovered offshore crude deposits. The project, led by TotalEnergies, is Suriname's first major offshore effort. The former Dutch colony, independent since 1975, discovered reserves that may allow it to compete with neighbouring Guyana – whose economy grew 43.6 percent last year – as a prominent producer. 'It will be a huge amount of income for the country,' President Chan Santokhi told the AFP news agency this week. 'We are now able … to do more for our people, so that everyone can be part of the growth of the nation.' Santokhi is constitutionally eligible for a second term, but with no single party in a clear lead in the elections, pollsters are not predicting the outcome. The party with the most seats will lead Suriname's next government, likely through a coalition with smaller parties, but negotiations and the choosing of a new president are expected to take weeks. Fourteen parties are taking part in the elections, including Santokhi's centrist Progressive Reform Party and the leftist National Democratic Party of deceased former coup leader and elected President Desi Bouterse. Also in the running is the centre-left General Liberation and Development Party of Vice President Ronnie Brunswijk, a former rebel who fought against Bouterse's government in the 1980s. Provisional results are expected by late Sunday. Suriname – a diverse country made up of descendants of people from India, Indonesia, China, the Netherlands, Indigenous groups and enslaved Africans – will mark the 50th anniversary of its independence from the Netherlands in November. Since independence, it has looked increasingly towards China as a political ally and trading partner and in 2019 became one of the first Latin American countries to join the Asian giant's Belt and Road infrastructure drive. United States Secretary of State Marco Rubio made a stopover in Suriname in March on a regional tour aimed at countering China's growing influence in the region. More than 90 percent of the country is covered in forest, and it is one of few in the world with a negative carbon footprint. Santokhi insisted this status is not in danger and Suriname can use its oil windfall 'for the transition towards the green energy which we need, also because we know the fossil energy is limited'. 'It will be gone after 40 years.'
Yahoo
23-05-2025
- Business
- Yahoo
Bladex Acts as Global Coordinator and Mandated Lead Arranger for Staatsolie US$1.6bn Syndicated Credit Facility
PANAMA CITY, May 23, 2025 /PRNewswire/ -- Banco Latinoamericano de Comercio Exterior, S.A. ("Bladex") and African Export-Import Bank (Afreximbank), alongside with other 16 financial institutions have reached an agreement with Staatsolie Maatschappij Suriname N.V. ("Staatsolie") a US$1.6 billion long-term senior secured financing facility. The proceeds will support Staatsolie in partially refinancing existing debt and funding its 20% working interest in the GranMorgu upstream offshore oil project (the "Project") located in Block 58, approximately 150 km of the coast of Suriname. GranMorgu is one of the most significant developments in the global energy industry. This transaction represents the largest project financing transaction in Suriname's history and paves the way for initial offshore oil production by mid-2028. It will also provide Suriname with royalties, profit oil, additional income taxes and dividends to support critical investments in infrastructure, healthcare, education, and future offshore developments. The Project is being developed under a joint operating agreement with TotalEnergies EP Suriname B.V., as operator. The offshore development in Suriname's Block 58, is poised to generate over 6,000 jobs (direct and indirect) and inject up to $26 billion into the national economy (depending on oil price), offering a transformative opportunity to alleviate poverty and enhance public services in the country. The credit facility, structured by Bladex, was successfully syndicated with leading international, regional and local banks, and investment management firms. "We have built a solid financial foundation for Staatsolie to participate in GranMorgu and possible future projects and are embarking on a new phase of transformational growth for the company and the country" said Annand Jagesar, Managing Director of Staatsolie. "This is a very exciting milestone for Bladex and Staatsolie. The development of GranMorgu will more than double Staatsolie´s production and provide Suriname with royalties, profit oil, additional income taxes and dividends to support critical investment in infrastructure, health, education, and future offshore developments. We are happy and honored to help one of our member countries to finance one of its most important projects in its history" said Samuel Canineu, Chief Commercial Officer at Bladex. Recoverable resources in these fields are estimated to exceed 750 million barrels, making it one of the most significant developments in the global energy sector. The project also stands out for its low-carbon design, featuring a fully electric Floating Production, Storage, and Offloading unit (FPSO) capable of producing 220,000 barrels per day. The FPSO has been designed with no routine gas flaring, full gas reinjection, waste heat recovery, and continuous methane monitoring, positioning GranMorgu among the most efficient upstream oil project in terms of greenhouse gas emissions per barrel produced in the industry. Additionally, the FPSO design will allow for future satellite tie-ins, extending plateau production and maximizing long-term national benefits. This flexibility marks the beginning of Suriname's vast offshore oil potential, positioning the country as a key player in the global energy market. From an economic standpoint, capital investments in the Project slightly exceed US$12 billion, with Staatsolie contributing 20% (US$2.4 billion). Depending on price, the Project is expected to generate over US$26 billion in revenue for Staatsolie and the Government of Suriname over its operational life, significantly boosting the country's economic development. About Staatsolie Maatschappij Suriname N.V. ("Staatsolie") Staatsolie is Suriname's state-owned energy company, engaged in exploration, production, refining, retail fuel distribution and power generation. Staatsolie also has a working interest in two gold projects in Surianame. Its mission is to develop energy resources to maximize the long-term value for Staatsolie and Suriname, Energizing a bright future for Suriname. About Banco Latinoamericano de Comercio Exterior ("Bladex") Bladex is a multinational bank founded in 1979 by the central banks of Latin America and the Caribbean to promote trade finance and economic integration in the region. Headquartered in Panama, with representative offices in Argentina, Brazil, Colombia, Mexico and an Agency in the United States, the Bank provides financial solutions to institutions and corporations throughout the region. Listed on the New York Stock Exchange (NYSE: BLX) since 1992 and on the Mexican Stock Exchange for more than 10 years, Bladex has consolidated its presence in the international financial markets. Its shareholder base includes central banks, government entities and banks from 23 Latin American countries, as well as institutional and private investors. Contact: Felipe Suarez, SVP Head of Loan Structuring & Sindications Tel: +(507) 210-8500 View original content: SOURCE Banco Latinoamericano de Comercio Exterior, S.A. (Bladex) Sign in to access your portfolio
