Staats­olie pays back 12 fo­reign banks

Times of Suriname - - ENGELS -

The Sta­te Oil Com­pa­ny (Staats­olie) has re­por­ted­ly paid back 12 fo­reign banks with mo­ney from the govern­ment’s $550 mil­li­on glo­bal bond of­fe­ring. Staats­olie on­ce again has room to bre­a­the so that it can con­ti­nue is search for cru­de oil and to keep its sove­reign­ty. “Now we will remain boss in our hou­se for 100%.” This year Staats­olie had to cough up $200 mil­li­on to pay back the 12 fo­reign banks but it did not ha­ve en­ough mo­ney. The low pri­ce of cru­de oil had re­por­ted­ly de­crea­sed the com­pa­ny’s cash flow. As a re­sult of this Staats­olie ris­ked let­ting the banks gain ac­cess to its fi­nan­ci­al po­li­cy and let­ting them de­ci­de which aus­te­ri­ty me­a­su­res had to be ta­ken so that they could get their mo­ney. Staasto­lie CEO, Ru­dolf Eli­as, poin­ted out that fu­tu­re in­vest­ments in sustai­na­ble pro­jects would be scrap­ped the­re­by put­ting the exis­ten­ce of the com­pa­ny at risk. “Banks do not think in the long term. They on­ly think about their own poc­kets and not the con­ti­nu­a­ti­on of Staats­olie,” said Eli­as. By turning the bur­den of debt in a long term lo­an via the glo­bal bond of­fe­ring Staats­olie has pre­ven­ted the banks from de­man­ding the funds for the dril­ling pro­gram. “If one does not search for cru­de oil then one is on­ly bu­sy in the short term. By searching for cru­de oil, we could be bu­sy with the oil pro­duc­ti­on for the next 20 to 30 ye­ars.”

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