debut: 12/4/02
16,447 runs
Citing realistic synergies between the two countries, including culture, resources and values, India PM is expected to pitch for a 50% stake in Guyana's oil sector.
This would give India control of a desired resource while providing Guyana with a significant cash outlay to continue its economic development.
Financial analysts have estimated Guyana's oil reserves to be worth close to $900 billion US, meaning, India would need to pony up close to $450 billion US for the rights, over a 20 year period. India would then be in a position to renegotiate existing oil exploration contracts.
Neither VP Bharat Jagdeo nor India's Finance Minister Nirmala Sitharaman would confirm or deny this proposal.
This would give India control of a desired resource while providing Guyana with a significant cash outlay to continue its economic development.
Financial analysts have estimated Guyana's oil reserves to be worth close to $900 billion US, meaning, India would need to pony up close to $450 billion US for the rights, over a 20 year period. India would then be in a position to renegotiate existing oil exploration contracts.
Neither VP Bharat Jagdeo nor India's Finance Minister Nirmala Sitharaman would confirm or deny this proposal.
Mr Jagdeo deferred all questions to his colleague Mr. Jeremy Persaud-Saywack.
- edited -