Page 10 - Payara Development Project News Today : Breaking News, Live Updates & Top Stories | Vimarsana

Stay updated with breaking news from Payara development project. Get real-time updates on events, politics, business, and more. Visit us for reliable news and exclusive interviews.

Top News In Payara Development Project Today - Breaking & Trending Today

Slashing Parent Company Guarantee from Full Coverage to $2B is a sellout to Exxon

All Guyanese, our Caribbean neighbors, and Venezuela, must now be worried sick by the Honorable VP Jagdeo’s announcing that slashing the parent company guarantee from full coverage, down to a piddly $2 Billion USD, “remains a priority”. This in-your-face sellout and betrayal of our people, not only throws out the existing legal full liability coverage which the government has so cowardly failed to enforce; but also, cold-bloodedly exposes Guyana and our neighbors to potential economic ruins, in the event of a major oil spill.Full Liability Coverage as enshrined in the permits, equals insurance plus a parent company guarantee to cover “any” costs above insurance. In mathematical parlance:Full Liability Coverage = Insurance + Parent Company Guarantee for all remaining costsThis is similar to having health or car insurance, where insurance covers a certain percentage of the bill and you have to foot the remainder. Likewise, in the case of an oil spill such as the Macondo in the ....

United States , Demerara Mahaica , Shell Oil , Liability Company , Petroleum Unit , Parent Company , Slashing Parent Company Guarantee , Full Coverage , Liability Coverage , Parent Company Guarantee , Limited Liability Company , Glenn Lall , Master Routledge , Red Thread , Environmental Impact Assessment , World Banks Plan , Auditor General , Stabroek News ,