#Bladex #Staatsolie #GranMorgu

Major Milestone in Suriname's Energy Sector

In a landmark development for Suriname's energy landscape, Banco Latinoamericano de Comercio Exterior, S.A. (Bladex) and the African Export-Import Bank (Afreximbank) have collaborated with 16 other financial institutions to establish a robust US$1.6 billion long-term financing facility for Staatsolie Maatschappij Suriname N.V. This financing is pivotal as it aims to refinance existing debts and fund Staatsolie's 20% stake in the ambitious GranMorgu upstream oil project, situated approximately 150 km off the coast of Suriname in Block 58.

Significance of the GranMorgu Project

GranMorgu is poised to transform the energy sector, marking the largest project financing transaction in Suriname's history. The project is expected to initiate offshore oil production by mid-2028, a move anticipated to significantly contribute to the nation’s economy. The transactions are structured to generate royalties, profit oil, additional income taxes, and dividends that would bolster vital investments in infrastructure, healthcare, and education among others.

“We have established a solid financial framework for Staatsolie to actively engage in GranMorgu and future ventures, representing a new phase of growth for both the company and the nation,” stated Annand Jagesar, the Managing Director of Staatsolie. This project is not only designed to augment the production capacity of Staatsolie; it also symbolizes a gateway for further exploration and development of Suriname’s offshore oil reserves.

Economic Impact and Job Creation

The GranMorgu project is set to create an estimated 6,000 jobs, both direct and indirect, contributing to the reduction of poverty in the region while enhancing public services. It is estimated that the project will inject up to US$26 billion into the national economy, contingent on oil prices. Such capital investments slightly exceed US$12 billion, with Staatsolie's contribution being US$2.4 billion.