Latest update March 29th, 2024 12:59 AM
Mar 27, 2016 News
Forensic auditors were to some extent, baffled when they learnt that the Guyana Energy Agency (GEA) granted a Chinese firm a licence to export oil.
The logic behind the issuing of the licence is yet to be understood given that Guyana is some years away from exporting oil at profitable quantities.
In an audit report prepared by a team from Nigel Hinds Financial Services, it was noted that GEA issued the said licence to China Zhonghao Inc.
What also worried the forensic auditors is that the import licence for the said company carries an expiry date of January 19, 2025.
The auditors emphasized that the basis for the issue of export fuel could not be determined. It seems that the licence for China Zhonghao will be the first, even surprising insiders of the Guyana Energy Agency who said that they are not aware of any being granted before.
The regulations indicated that an applicant desirous of exporting petroleum and petroleum products has to apply to the agency and must lodge supporting documents.
These documents are the same as for wholesale or import wholesale licences.
The applicants must provide specifications of the petroleum and petroleum products to be exported and a list of all ports of exit or export for the petroleum and petroleum products to be exported.
The forensic audit report prepared by Nigel Hinds did not confirm whether the company indeed satisfied all the necessary requirements.
THIS IDIOT TELLING GUYANA WE HAVE NO SAY IN THE 50% PROFIT SHARING AGREEMENT WE HAVE WITH EXXON.
Mar 29, 2024
By Rawle Toney Kaieteur Sports – After a series of outstanding performances in 2023, Tianna Springer, dubbed the ‘wonder girl’, is eagerly gearing up to compete in this year’s...Kaieteur News – Good Friday in Guyana is not what it used to be. The day has lost much of its solemnity. The one day... more
By Sir Ronald Sanders Kaieteur News – In the face of escalating global environmental challenges, water scarcity and... more
Freedom of speech is our core value at Kaieteur News. If the letter/e-mail you sent was not published, and you believe that its contents were not libellous, let us know, please contact us by phone or email.
Feel free to send us your comments and/or criticisms.
Contact: 624-6456; 225-8452; 225-8458; 225-8463; 225-8465; 225-8473 or 225-8491.
Or by Email: [email protected] / [email protected]