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Jagdeo says he did not object to massive tax giveaway to ExxonM because lopsided deal was already signed
Kaieteur News – Vice President (VP) Bharrat Jagdeo has refuted the claims made by former Minister of Natural Resources, Raphael Trotman that he and the People’s Progressive Party/Civic (PPP/C) failed to object to the massive tax waivers that was handed to ExxonMobil Guyana Limited in 2016.
Vice President, Bharrat Jagdeo
Responding to Trotman’s damning allegations made in his book from ‘Destiny to Prosperity’, the VP at his press conference held on Thursday, pointed out that concessions were enshrined in the 2016 Production Sharing Agreement (PSA) which the then coalition government signed with Exxon before taking the document to parliament.
As a result, Jagdeo claimed that deal was sealed and it made no difference whether the PPP/C as parliamentary Opposition, had objected to it.
According to the VP, Trotman is now seeking to lay the blame on someone else for something he did.
He defended himself by saying, “So Trotman now says in his book that Jagdeo and the PPP approved the tax concessions for Exxon. He said that he was told that the Jagdeo was briefed. Told by whom? The fact is they signed the agreement in June of 2016 and the document went to parliament in August 2016.”
The VP continued, “So after the signing of the agreement now for a sensible person … the reporters should ask so what if the parliament didn’t approve the fiscal concessions… would that have changed the PSA that you signed, because the concessions were enshrined in the document that he signed unto several months before he went to parliament.”
Jagdeo believes therefore that Trotman should face consequence for acting outside of the parliamentary process.
Former Natural Resources Minister, Raphael Trotman
“If anything he should be facing consequences because he admitted to signing an agreement without the parliamentary approval on the fiscal terms and in that agreement all of the same things that people say are too generous,”
Jagdeo’s response comes after Kaieteur News reported that Chartered Accountant and Attorney-at-Law, Christopher Ram in his undertaking of a thorough review of Trotman’s publication pointed out that Jagdeo had a pivotal role in the approval of the concessions.
The columnist, referring to Chapter V of the book which deals with the Stabroek Block Petroleum Agreement wrote, “The chapter discloses that prior to the tabling in the National Assembly of the Order to approve the tax concessions specified in the (Stabroek Block) Agreement, he (Trotman) had been informed that the Leader of the Opposition had been “briefed” on them and ‘would offer no objection.’” Trotman did not name the Leader of the Opposition but at the time it was now Vice President, Bharrat Jagdeo.
The column continued, “Trotman claims that unanimous approval was granted on August 8, 2016, more than 15 months before the agreement was released to the public…” In light of the foregoing revelation, among others, Ram told this newspaper, in a brief comment, that it underscores all the more a need for a Commission of Inquiry into the APNU+AFC’s mishandling of the 2016 agreement.
The order mentioned by Trotman was also reported on by this newspaper on August 10, 2016. Former Finance Minister, Winston Jordan had moved the motion to apply section 51 of the Petroleum Act, which allows for the waiver of the application of certain laws in favour of licensees with whom the government has entered into production share agreements.
Jordan had said too that the order provides investors with the necessary comfort and assurances that the agreement will be respected in its entirety. Since the signing of the 2016 PSA, ExxonMobil and its partners which include Hess Corporation and CNOOC Petroleum Guyana Limited, have unlocked over 11 billion barrels of oil equivalent resources. The partners also have over US$40B invested for five sanctioned oil projects. It is currently in discussions with authorities to approve a sixth development worth almost US$13B.
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