Happy Chinese New Year!

Happy Monday!

This week we evaluate Suriname’s State oil company Staatsolie and its attempt to raise money off Suriname’s oil exploration. Suriname celebrated Chinese New Year, as the National Assembly passed a law to recall politicians if they miss assembly meetings or defy party policies.

Staatsolie attempts to raise money for its stake in the GranMorgu oil field in Suriname’s Block 58.

• Staatsolie is raising US$ 250 million and €50 million through bonds to finance its 20% stake in the GranMorgu offshore oil field in Suriname’s Block 58.

• Suriname has received a lot of interest with respect to its oil exploration. The national oil company has pledged to invest in the country’s oil itself in addition to foreign company’s investments.

• The bonds, issued in USD and EUR, will be available to the public starting March 23, 2025. They have 8-year terms and interest rates of 7.75% (USD) and 7.25% (EUR). Subscriptions will open via Surinamese banks from February 3 to 25.

• The total investment in GranMorgu is US$ 12.2 billion, and Staatsolie needs to contribute US$ 2.4 billion, using bond proceeds and cash reserves to reduce reliance on loans.

• The bond also helps refinance previous issuances. Staatsolie remains a key player in Suriname’s economy, contributing 9.5% of GDP and 32% of government revenues. It sees GranMorgu as a transformative project for the country’s future.

• This represents a massive investment into the future of oil production and economic prosperity for the country’s future.

President Santokhi celebrated Chinese New Year alongside the Chinese community this year.

• President Chan Santokhi honored the Chinese community during Chinese New Year and the Year of the Snake celebrations, recognizing its vital role in Suriname’s development.

• He encouraged embracing the wisdom and strategic thinking symbolized by the snake to foster progress and unity.

• The event was held at Chung Fa Foei Kon, a society of Chinese-Surinamese residents, featured traditional performances, and was attended by political leaders.

• Santokhi emphasized renewal and future opportunities, wishing for harmony and prosperity in Suriname’s multicultural society.

VHP leader Asis Gajadien has called to investigate how the Minister of the Interior Delano Landvreugd acquired a 40-year lease on state-owned land.

• VHP leader Asis Gajadien calls to investigate how Minister Delano Landvreugd acquired state-owned land meant for Social Affairs.

• In August 2024, the Excellence Topsport Talentschool Foundation, chaired by Landvreugd, was granted a 40-year lease on the land, despite a pending investigation into its ownership.

• Gajadien demands those involved be held accountable and that the financial damage be recovered.

• The controversy escalated after allegations surfaced that Landvreugd planned to sell the land for USD 250,000. Landvreugd denies any wrongdoing, calling the accusations unfounded social media rumors.

• However, Gajadien insists the case is serious, especially with elections approaching, and urges immediate action.

The Surinamese parliament passed a law that will recall politicians if they defy party policies or miss 60% of meetings.

• Suriname’s Recall Law was passed with 30 votes by the coalition (VHP, ABOP, PL) and opposition NPS. The NDP opposed it, and BEP was absent. The law allows politicians to be recalled if they defy party policies or miss 60% of meetings.

• Supporters argue it strengthens democracy by ensuring candidates respect party principles. Opponents claim it limits democracy and retains power by restricting independent decision-making.

• The law also prevents seat trading and ensures members face consequences for non-attendance or misconduct.