The President of Suriname Chan Santokhi announced on Monday the establishment of the “Royalties for All” (RVI) program so that every Surinamese citizen receives a share of future oil royalties from the country which has large reserves.
“Royalties so that every Surinamese can benefit and enjoy oil and gas. Every Surinamese living in our country receives savings worth 750 US dollars, with an annual interest of 7%,” the president of this small country, a former Dutch colony, announced during his Independence Day speech. from the northeast of South America.
“You are co-owners of oil revenues” he added. “Future oil will not be pledged. Let this be clear (…) It is time to give back to the people and you will get them back.”
Mr Santokhi said he had received many proposals regarding the use of oil money, and that the RVI would only be launched when the oil “from block 58” had been “sold”. The government is also studying the possibility that people over 60 and people with disabilities could receive the RVI before 2028.
The former Dutch colony, which in theory has large oil reserves, has waited a long time for foreign investors to decide to exploit its off-shore fields. At the beginning of October, the French oil giant TotalEnergies announced an investment of “around $10.5 billion” with production scheduled to start in 2028 for block 58, precisely.
The oil windfall could allow one of the poorest countries in America to emerge from a persistent economic crisis. The president also announced that the government was to sign a memorandum of understanding with a major Southeast Asian company regarding the bauxite industry in the Bakhuys region (west).
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