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Kuwait Times
26-05-2025
- Business
- Kuwait Times
Suriname poised for cash inflow from newly discovered oil
PARAMARIBO, Suriname: Suriname, South America's smallest country, is preparing for an inflow of cash from a huge offshore oil find, with the president insisting the population will receive a direct share of the wealth. The Dutch-speaking nation of about 600,000 people expects to rake in about $10 billion in the next decade or two, with crude extraction set to begin in 2028. Projected output is 220,000 barrels per day (bpd) -- up from about 5,000 to 6,000 -- in a country where one in five people live in poverty. 'From 2028, we'll be an oil-producing country,' President Chan Santokhi told AFP ahead of elections Sunday for lawmakers who will choose the next president. He is one of several candidates in the running to steer the former Dutch colony wedged between Brazil, Guyana and French Guiana. 'It will be a huge amount of income for the country,' Santokhi said. 'We are now able... to do more for our people so that everyone can be part of the growth of the nation.' Besides investing in agriculture, tourism, health, education and green energy, some of the oil money is being paid directly to Surinamese citizens under a program Santokhi has dubbed 'Royalties for Everyone'—RVI for its Dutch acronym. 'It's their share,' he said. Victorine Moti, a finance ministry official responsible for the fund, told AFP: 'The whole population of Suriname is eligible for this program, everybody who was born before the 1st of January 2025 and had the Surinamese nationality.' 'In figures, it's 572,000 people.' All eligible citizens can register to receive a one-off payment equivalent to $750 paid into an account with an interest yield of seven percent per year. 'With the certificate, they can go to the bank and they have two options: they can withdraw the money or they can choose to save. Hopefully, they will try to save and not cash out immediately,' said Moti. The first beneficiaries are the elderly and disabled, paid with funds advanced by banks. Next in line will be people 60 and older, then—once the revenues start flowing in 2028 -- the biggest group of people aged 18-59. People who save their money for 10 years will receive a bonus of $150 on top of interest earned. Naslem Doelsan, 80, has already received her certificate and told AFP she will cash out 'to buy good food and some household stuff.' 'Why do I need... money in the bank? I'm already old and I want to enjoy my money,' she said. Fellow retiree Jai Abas, 91, told AFP he would keep the money in the bank for now, and maybe give his granddaughter, who lives in the Netherlands, some 'pocket money' when she visits. 'What would I do with money? I am old. I can't go anywhere,' said Abas, adding his only vice is cigarettes. Anuschka Tolud, a 38-year-old in a wheelchair, said she would save her payout in the hopes it can one day augment her $113 monthly welfare payout. Santokhi had previously spoken about avoiding the so-called 'oil curse,' also known as 'Dutch disease,' that had befallen other resource-rich countries, such as Venezuela, Angola and Algeria, that were unable to turn oil wealth into economic success. Norway became an exception by creating a sovereign wealth fund. Suriname, the president said, would take a 'unique' approach, well aware that its crude resources will last only about 40 years. 'We have income from the profit of the oil, we will have income from our fiscal revenues and we will have income from the royalties,' he said. In 2024, French multinational TotalEnergies committed to investing $10.5 billion in the offshore oil field of GranMorgu in the Atlantic Ocean. An article in the Surinamese Constitution states that 'natural riches and resources are property of the nation and shall be used to promote economic, social and cultural development.' But some worry that the benefits may not find their way to all citizens, especially those who live in rural areas, Indigenous communities and Maroons—descendants of African slaves. 'I myself am curious as to how funds and bureaucracy will be accessed by Indigenous and Maroon communities,' Giovanna Montenegro, director of the Latin American and Caribbean Studies Program at Binghamton University in New York State, said. — AFP
eNCA
25-05-2025
- Business
- eNCA
Suriname poised for cash inflow from newly-discovered oil
PARAMARIBO - Suriname, South America's smallest country, is preparing for an inflow of cash from a huge offshore oil find, with the president insisting the population will receive a direct share of the wealth. The Dutch-speaking nation of about 600,000 people expects to rake in about $10 billion in the next decade or two, with crude extraction set to begin in 2028. Projected output is 220,000 barrels per day (bpd) -- up from about 5,000 to 6,000 -- in a country where one in five people live in poverty. "From 2028, we'll be an oil-producing country," President Chan Santokhi told AFP ahead of elections Sunday for lawmakers who will choose the next president. He is one of several candidates in the running to steer the former Dutch colony wedged between Brazil, Guyana and French Guiana. "It will be a huge amount of income for the country," Santokhi said. "We are now able... to do more for our people so that everyone can be part of the growth of the nation." Besides investing in agriculture, tourism, health, education and green energy, some of the oil money is being paid directly to Surinamese citizens under a program Santokhi has dubbed "Royalties for Everyone" -- RVI for its Dutch acronym. "It's their share," he said. Victorine Moti, a finance ministry official responsible for the fund, told AFP: "The whole population of Suriname is eligible for this program, everybody who was born before the 1st of January 2025 and had the Surinamese nationality." "In figures, it's 572,000 people." All eligible citizens can register to receive a one-off payment equivalent to $750 paid into an account with an interest yield of seven percent per year. "With the certificate, they can go to the bank and they have two options: they can withdraw the money or they can choose to save. Hopefully, they will try to save and not cash out immediately," said Moti. The first beneficiaries are the elderly and disabled, paid with funds advanced by banks. Next in line will be people 60 and older, then -- once the revenues start flowing in 2028 -- the biggest group of people aged 18-59. People who save their money for 10 years will receive a bonus of $150 on top of interest earned.
Yahoo
25-05-2025
- Business
- Yahoo
Suriname votes for new government to steer oil windfall
Voting began Sunday in Surinamese parliamentary elections that will determine who will harness giant oil wealth to carry out a rags-to-riches transformation of the smallest country in South America. The tiny nation -- the only one in the Americas with Dutch as its official language -- is battling high debt, rampant inflation and poverty affecting nearly one in five of its 600,000 inhabitants. But recent offshore crude discoveries suggest this may all be about to change. "It will be a huge amount of income for the country," incumbent President Chan Santokhi told AFP this week. "We are now able... to do more for our people so that everyone can be part of the growth of the nation." On Sunday, Surinamese began electing a new parliament of 51 members, who within weeks must choose a new president and vice-president for a five-year term. Santokhi is constitutionally eligible for a second term but, with no single party in a clear lead, pollsters are not picking any favorites. "We have laid the foundations for economic stability and we need to build on that," Defence Minister Krishna Matheora told AFP after voting as the polls opened early Sunday, arguing it was "important" for Santokhi's Progressive Reform Party (VHP) to win. Whoever does take the reins will have a grand opportunity to transform the country's fortunes. Experts say Suriname stands to make billions of dollars in the next decade or two from recently discovered offshore crude deposits. French group TotalEnergies announced last year a $10.5 billion project to exploit an oil field off Suriname's coast with an estimated capacity of producing 220,000 barrels per day. Production should start in 2028 and the country has created a "Royalties for Everyone" fund to put money from the expected windfall directly into the hands of citizens. - China alliance - Fourteen parties are taking part in Sunday's election, including Santokhi's centrist VHP and the leftist National Democratic Party (NDP) of deceased former coup leader and autocrat-turned-elected-president Desi Bouterse. Also in the running is the center-left General Liberation and Development Party (ABOP) of Vice President Ronnie Brunswijk, a former guerrilla who rebelled 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 African slaves, marks its 50th anniversary of independence from the Dutch throne this 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. US Secretary of State Marco Rubio made a stopover in Suriname in March on a Latin American 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 insists this status is not in danger and that 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." bur-st/pbt
France 24
25-05-2025
- Business
- France 24
Suriname votes for new government to steer oil windfall
The tiny nation -- the only one in the Americas with Dutch as its official language -- is battling high debt, rampant inflation and poverty affecting nearly one in five of its 600,000 inhabitants. But recent offshore crude discoveries suggest this may all be about to change. "It will be a huge amount of income for the country," incumbent President Chan Santokhi told AFP this week. "We are now able... to do more for our people so that everyone can be part of the growth of the nation." On Sunday, Surinamese began electing a new parliament of 51 members, who within weeks must choose a new president and vice-president for a five-year term. Santokhi is constitutionally eligible for a second term but, with no single party in a clear lead, pollsters are not picking any favorites. "We have laid the foundations for economic stability and we need to build on that," Defence Minister Krishna Matheora told AFP after voting as the polls opened early Sunday, arguing it was "important" for Santokhi's Progressive Reform Party (VHP) to win. Whoever does take the reins will have a grand opportunity to transform the country's fortunes. Experts say Suriname stands to make billions of dollars in the next decade or two from recently discovered offshore crude deposits. French group TotalEnergies announced last year a $10.5 billion project to exploit an oil field off Suriname's coast with an estimated capacity of producing 220,000 barrels per day. Production should start in 2028 and the country has created a "Royalties for Everyone" fund to put money from the expected windfall directly into the hands of citizens. China alliance Fourteen parties are taking part in Sunday's election, including Santokhi's centrist VHP and the leftist National Democratic Party (NDP) of deceased former coup leader and autocrat-turned-elected-president Desi Bouterse. Also in the running is the center-left General Liberation and Development Party (ABOP) of Vice President Ronnie Brunswijk, a former guerrilla who rebelled 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 African slaves, marks its 50th anniversary of independence from the Dutch throne this 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. US Secretary of State Marco Rubio made a stopover in Suriname in March on a Latin American 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 insists this status is not in danger and that 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." © 2025 AFP
Int'l Business Times
25-05-2025
- Business
- Int'l Business Times
Suriname Votes For New Government To Steer Oil Windfall
Voting began Sunday in Surinamese parliamentary elections that will determine who will harness giant oil wealth to carry out a rags-to-riches transformation of the smallest country in South America. The tiny nation -- the only one in the Americas with Dutch as its official language -- is battling high debt, rampant inflation and poverty affecting nearly one in five of its 600,000 inhabitants. But recent offshore crude discoveries suggest this may all be about to change. "It will be a huge amount of income for the country," incumbent President Chan Santokhi told AFP this week. "We are now able... to do more for our people so that everyone can be part of the growth of the nation." On Sunday, Surinamese began electing a new parliament of 51 members, who within weeks must choose a new president and vice-president for a five-year term. Santokhi is constitutionally eligible for a second term but, with no single party in a clear lead, pollsters are not picking any favorites. "We have laid the foundations for economic stability and we need to build on that," Defence Minister Krishna Matheora told AFP after voting as the polls opened early Sunday, arguing it was "important" for Santokhi's Progressive Reform Party (VHP) to win. Whoever does take the reins will have a grand opportunity to transform the country's fortunes. Experts say Suriname stands to make billions of dollars in the next decade or two from recently discovered offshore crude deposits. French group TotalEnergies announced last year a $10.5 billion project to exploit an oil field off Suriname's coast with an estimated capacity of producing 220,000 barrels per day. Production should start in 2028 and the country has created a "Royalties for Everyone" fund to put money from the expected windfall directly into the hands of citizens. Fourteen parties are taking part in Sunday's election, including Santokhi's centrist VHP and the leftist National Democratic Party (NDP) of deceased former coup leader and autocrat-turned-elected-president Desi Bouterse. Also in the running is the center-left General Liberation and Development Party (ABOP) of Vice President Ronnie Brunswijk, a former guerrilla who rebelled 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 African slaves, marks its 50th anniversary of independence from the Dutch throne this 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. US Secretary of State Marco Rubio made a stopover in Suriname in March on a Latin American 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 insists this status is not in danger and that 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." President Chan Santokhi says there will be 'a huge amount of income for the country' AFP People queue before voting at a polling station during parliamentary elections in Paramaribo on May 25, 2025 AFP
