Guyana Takes US Oil Giant Exxon to Court Over Inflated $12 Billion Invoice | Firstpost America

Guyana Takes US Oil Giant Exxon to Court Over Inflated $12 Billion Invoice | Firstpost America
The South African country of Guyana is taking US-based oil firm Exxon Mobil Corporation to court. The Guyana Revenue Authority (GRA) has issued a summons to the oil giant over the misstated value of oil-well equipment. The tax agency claims that one of Exxon's suppliers, Ramps Logistics, said it mistakenly inflated the value of imported goods by 200 times to about $12 billion. Exxon and Ramps say the overvaluation occurred due to a clerical issue that denoted the sum in US dollars instead of Guyanese dollars, adding that the issue would be resolved. Meanwhile, Guyana's Vice President Bharrat Jagdeo asked the country's tax agency to check previous invoices for the past several years. Notably, Guyana is one of the fastest-growing oil-producing nations and the overvaluation could have had a significant impact on its profits.
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Guyana | US Oil Firm | Exxon | Court Case | Firstpost America | Eric Ham | War | Geopolitics | Global Economy | Firstpost | World News | Latest News | Global News | International News | Trending News
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[@cancerking9416]

Of course we all know it wasn’t a mistake, they think that the Guyanese people are fools!

[@skp8748]

They are. They saw what happened to their neighbours in Venezuela and STILL chose to do business

[@glynemartin]

​@@skp8748 Assuming that you never saw what happens to nations that "play ball" with the U.S.?

[@cancerking9416]

@@skp8748 that was the government and not the people! That is why there is a daily protest against it!

[@bhajikhan7660]

No, they see they're weak.

[@SteveXNYC]

Guyanese are great fools. If ExxonMobil never installed a oil rig it Guyana, Guyana would look worse than a 3rd world country. The people of Guyana are a nation and not a country is what the government leaders don't understand. Guyana independence went INVALID in 1980 for a GECOM management of guyanese people.

[@rylonbaptiste8095]

Im a Trinidadian and i could safely say, THATS NO MISTAKE.. TIME FOR THIS RACKETEER TO END!

[@avibhagan]

Yeah, so you realise that it's the opposition party in Guyana that signed this stupid contract right? Racism is why Guyana in this BS. Just like T&T. How shocking 😲. Who is the 'people', who trying to blame the current government in Guyana for the shit the opposition did when they were in power? Yes, racism is the MF problem.

[@kayodebanjo]

This is what happens when you don't call in the Chinese, these Europeans are rogues

[@selectashawn809]

my thoughts exactly

[@rodniegsm1575]

200% mistake?? Really? Do american really think people are that stupid???

[@angelobkoljenovic9528]

Guyana 🇬🇾 should not allow this people to in oil fields too still country profits

[@justinfranklin254]

Yes. Instead they should allow Maduro to invade and there will be no more Guyana. Smart

[@Syo-tc7kl]

What the fuck are you talking about

[@Syo-tc7kl]

Wtf are you trying to say

[@jaybajan]

They were trying to say, that Guyana should not allow these people into the country to steal the country's profits.

[@jaybajan]

But little do they know. Guyanese government does not never did and never would have the tech and experience to drill and refine their own oil, that's why big oil companies do it for them. To set up an oil company takes vast experienced people and hundreds of billions of dollars. Which Guyanese government doesn't have

[@mscliffhanger3885]

This is the second time that company Ramps tried defrauding Guyana

[@randysingh6548]

Ramps trying to scam guyana. Exxon should replace Ramps with more credible company.

[@nazeershaw66]

Exxon has already defraud GUYANA 🇬🇾🙌💯 worse oil 🛢️ contracting ever in Exxon history which is the best contract for Exxon 😂

[@kernalexis9283]

That's how they thief money with their politician friends in Trinidad and Tobago. I applaud Guyana and their leadership. I hope they keep it up.

[@MrEmmanueldje]

They should be kick out!

[@stevesteve7162]

​@@nazeershaw66when I heard the americans was helping you subconsciously I Saud to my self finally the Caribbean people gonna see how these ppl are because all of you seem to think these are such good ppl

[@Linda.xing-tj2fh]

It's quite a bold move. Wonder how it will pan out.

[@Andres_853]

If they win, it could have a significant impact on Exxon's finances and possibly their stock price

[@MONROEJACQ]

That could ripple through portfolios worldwide, especially those heavily invested in energy sector stocks.

[@roseyfischer]

Absolutely, investors need to stay vigilant. A sudden drop in Exxon's stock could lead to losses if they're not diversified. I've been considering the possibility of speaking with consultants. I need guidance because I'm an adult, but I'm not sure if their services would be all that helpful.

[@Annie2229]

Indeed. It's not just about picking stocks; the problem is that people don't have the knowledge needed to succeed in a challenging market. Only highly qualified professionals who had to experience the 2008 financial crisis could hope to earn a high salary in these challenging conditions.

[@Larry1-pl2wq]

Recently, I've been considering the possibility of speaking with consultants. I need guidance because I'm an adult, but I'm not sure if their services would be all that helpful.

[@ArchStandford]

They should have understood why chavez kicked Exxon out of Venezuela..

[@jecinasema5190]

I am sure that you understand that Exxon is back in Venezuela, sorry my bad I mean Guyana. A rose by any name is still a rose.

[@rgnldrse193]

ChaveZ did so because he wasn't getting enough financial kickbacks, only fools will believe he didn't or doesn't know of these inflated oil prices and oil manipulation. ChaveZ isn't innocent and is a greedy capitalist that sells out his country for personal financial gains as many do, and unless his own people overthrow him or ensures he disappears from political power, this region will be embroiled in a regional war, as in the case of Russia/Ukraine, Japan/tiawan, Iran/Iraq, as all these leaders have social ties with each other and follow the same power hungry ideology. Watch. People better act before it's too late, or even more deadlier than it already is.

[@John_.Cabell_.Breckinridge]

He still allowed Chevron to stay, maybe they're a lot more reliable

[@ArchStandford]

@@John_.Cabell_.Breckinridge Chevron stayed as they agreed to comply with Chavez's renegotiated terms and conditions as far as I know.

[@WorldVidzz]

Do you think that Venezuela is doing any good? Lol

[@medinacreativesolutions1634]

Please you can’t do business with these thieves

[@TrueThatTucson]

Honor amongst thieves. The oil belongs to Venezuela.

[@Syo-tc7kl]

​@@TrueThatTucsonI don't think so

[@TrueThatTucson]

@@Syo-tc7kl Essequibo belongs to who will populate it. I believe the Americans will prevail over the Asians and the Europeans laying false claim over the land and resources of Venezuela.

[@marijnnn4992]

@@TrueThatTucson it belongs more to the usa then venezuela😂

[@jayr6839]

So let me get this straight Exxon makes 87.5% of the revenue of oil production while Guyana only receives 12.5%. That sounds like exploitation to me.

[@RUTHLESSambition5]

Guyana signed it. They don't own anything. Wyte people own it

[@Fintertainment-qz5dh]

That's Business!!! Margin margin margin... Mr. Ali go back to business school.🤣🤣🤣

[@jayr6839]

It’s business alright, but I also know a bad deal when I see one.

[@Travel_plus_adventure]

Guyana signed terrible deals. That's the way it goes

[@THE01GC]

Suriname the neighbouring country of Guyana has the same deal

[@poovaneswaransupramaniam19]

As usual US oil supermajor modus operandi..... squeeze the little guy...and generate excessive profits

[@tanaka5395]

Guyana needs to be careful or a coup might happen

[@leonfrancis3418]

Try it.

[@RichardKing-sx6xc]

It's called bringing DeMoCrAcY and FrEdOm 😆😂🤣😅

[@Syo-tc7kl]

​@@RichardKing-sx6xc😂😂

[@Fintertainment-qz5dh]

@@RichardKing-sx6xc Prosperity and Abundance!!!🤣🤣🤣 just sign the contract

[@lgrthegreat1977]

They need to get that PPP government out anyway

[@The-Man-Right-Chea]

There was no mistake. They already had the excuse ready in case they c Got caught by saying it was submitted in the wrong currency

[@jecinasema5190]

Yea right. If they had said Trinidad Dollars I might have given it some thought. As it is I just laugh out loud. Lambs led to the slaughter by the Redeemer.

[@user-ms2ic7nc3i]

Thòse in charge in Guyana know what is going on

[@brucebrand3068]

As we say in Guyana that's not a mistake that's a beefsteak. 😢😢

[@Bernard-km1nd]

That's just the beginning

[@williamkunte5361]

Wow 😳

[@Muricans1776]

Well no need to wonder why countries end up nationalizing oil reserves. Exxon is in a shark feeding frenzy at the expense of Guyana’s People.

[@patriciag6066]

Guyana needs to demand Guyanese is trained in this field and has to work along with these bastards.Glen Lall is not wrong...No errors it's thieving them doing ..Get all these oil contracts revised.

[@evil_inside1332]

Glenn Lall? You mean the guy who shot and killed a man in cold blood by "accident" I wonder in Kaiteur News has a licensed shooting range at La Penitence to back up his story

[@sherryanncarrington4414]

Exactly

[@ashakuldip1657]

Yes.

[@newtonpeart8573]

They need to take them to court for the blatant theft perpetrated on the nation!!!

[@kedirassefa16]

This What happen you invited US mafia to your resources .

[@jasonlives6923]

Right

[@nickbroughton928]

I mean, don't include the rest of the usa in the greedy operations of some oil giant corporation. They do not represent the feeling of the US. Just the greed of investors. People here in the usa, believe it wrong too.

[@jonathand.7878]

The Venezuelan resources

[@dominiqueallums-farley6704]

Exactly..

[@kaimanyu586]

Well, what can you expect, it's the West, they've been like this for centuries..

[@shirleyramoutar1801]

What ’the hel you mean

[@kaimanyu586]

@@shirleyramoutar1801 the West are always trying to rob developing nations... That's how the West is so wealthy..

[@csinghimports5268]

Ramps Ramps Ramps not to be trusted

[@daggerin4life726]

Never trust a Trickidadian.. !!

[@phillipdaguiar_01]

@@daggerin4life726 You are correct.......

[@augurcybernaut4785]

It’s Indians in Exxon Trin Guy

[@whz366]

​@@augurcybernaut4785Exactly. Racketeering as usual by those east indians.

[@alexb8926]

@@daggerin4life726😂😂😂

[@dhanrajmohan701]

Public comment..Guyana must investigate and over see every invoice and expenses..transparency and accountability regarding expenses by ExxonMobil . Guyana 🇬🇾 government must get back every dime of money. Don't allow ExxonMobil to violate the rules and regulations and laws . Stand firm against corruption practices.

[@sabprogroup8623]

And if Guyana don’t comply, USA wont supply Guyana with arms and military aid to deter Venezuela. It’s all gonna make sense if you have not figured it out yet. USA will pretty much allow Venezuela to advance into disputed territory of Guyana and then Guyana will have to make choice. Lose territory or make a deal with Exxon.

[@OGChrissvg]

Clerical error my azz.. exxon gotta pay up

[@glynemartin]

Good on Guyana!

[@NOSAY094]

Thats a terrible deal! Guyana need to buy their own equipment

[@rhinochino]

They intended to steel.

[@johnhouston9764]

steal is theft; steel is a metal

[@MrRobertzingela]

@@johnhouston9764 LOL....

[@haileselassie9630]

​@@johnhouston9764So u understood de message? Y den waste ya energy?

[@Syo-tc7kl]

They do not need to steal the Guyanese president, will give them whatever they want as long as they fill his pockets,ALI Is corrupt

[@lelandarcher4760]

An example of the no child left behind policy of Guyana's education ministry 😢😮😢

[@human8454]

Guyana needs freedom 🦅🇺🇲

[@jatinpatel1224]

Glory to Guyanese people. Aum Shanti, Shanti Shantihi.

[@Peace-ok7xo]

12.5% smh

[@ar123..._]

I do not believe this was a mistake they have been doing this to poor countries for years and discontinues to happen. Guyana need to negotiate the deal that the previous governor or government made because that was a dumb stupid deal 2%, who gets the other 98% this is wickedness.

[@phillipdaguiar_01]

Please do a Special Report on how a previous Gov't signed a "Lopsided Contract" with EXXON under alleged dubious conditions.

[@marvinpercival4717]

Maduro

[@bgoodorhell4u]

They would not 😂😂😂😂 you could buy the previous administration with bananas.

[@RajSingh-ro9vu]

The dunce pnc signed this contract

[@dogsbestfriend9096]

Exon bought Guyana government off along with all the Lawer’s that matters…😢

[@lelandarcher4760]

We need a renegotiation of the contract 😮

[@junaidabbu7610]

Give the oil away to anyone else rather than dealing with an unethical people

[@sharsasuke01]

If Ramps has done this before why are they still doing business with them?

[@MyPrimeone]

They got caught with their hands in the cookie draw

[@romeogibson8794]

Obviously it would mean exxon gained more profit snd guyana less... how can they say no harm was done?

[@medinacreativesolutions1634]

Please break ties

[@Fintertainment-qz5dh]

Impossible!!! they just got a fish🤣🤣🤣

[@Simsdee]

BOOM...YES GUYANA. THEY THINK WE STUPID.

[@ArchStandford]

They already caught you lacking

[@sal8349]

A Trinidadian always has to be the one that’s corrupt.

[@nicolaablett7790]

BRAVO GUYANA USA and its companies as well as behaviours are showing the truth whether they alike it or not

[@Gt_Vibes445]

🇬🇾 we need to get rid of Exxon there’s too many other options available for us

[@greentees1804]

To remedy future clerical errors, fine Ramps 10% of overstated amount. No need for court.

[@EYES2CU]

So Guyana is solely dependent on external sources for extraction of the oil but Ramslogistics should be terminated for this was done in the past and it happened again so when is Guyana going to learn.

[@MrAni02]

That profit margin is so bad, someone at Guyana is making cut backs from Exon.

[@sheltonwilliams1373]

Us always try to out smart the Caribbean countries.

[@tattoomarc1000]

Are u listening Trinidad brought the declaration with Exxon they too are apart of this

[@user-jq2of2qw6f]

🤣🤣🤣. Now it's not working for you guys!!! but Mr. Ali the head of CARICOM is making decisions for HAITI under U.S command.🤣🤣🤣.

[@staywoke9172]

@@tattoomarc1000 they brought them together but Exxon change the price on them.

[@sorahbrowne1534]

They have gotten away with a lot, not any more.God.is now looking out for us. They should leave Guyana.

[@rali-cassim2733]

That's why you don't invite their military in Guyana. Its not about Venezuela alone. 🤫

[@Aleecya4433]

Guyana needs to wise up and be very careful when doing business with the US.

[@whz366]

This happens all the time. CARICOM and Trinidad better be careful.

[@emeraldwilson3789]

They needs to renogociate the contracts its the right time for it.

[@anthronthompson4020]

MISTAKENLY……Riigghhtt!! 🤔🤥herd that before how is it that their the only ones that can make mistakes 🤔

[@haroldwilson4152]

Guyana should never forget who owns that oil and never be afraid to turn the oil taps off to get what they want. Accounting firms have always been in the pocket of global mega corporations and these types of "clerical errors" are standard practice and that is why they quickly admit the mistake and return the funds on occasions that they get caught. Kudos for Guyana to audit 2 years in arrears and if they find more irregularities, Guyana should insist that this accounting company and it officers should never be allowed to work at any current or future accounting or auditing company on any contract that Guyana signs. In effect these managers should be banned from doing business in Guyana. It is after all Guyana's oil

[@rockeynypaul5592]

I agree 100%

[@AK-wt3jj]

What a dump deal 😅

[@dudleynoble9615]

🇯🇲💯Who else Exxon do the same thing to ?? Over to you African country

[@newtonpeart8573]

I think Equatorial Guinea with its corrupt government.

[@warwickdude1]

I was waiting for this

[@SocaNick]

Someone taking oil from your country and you having to share 25% of the profit sounds like some serious exploration

[@vinnyhendrix1683]

Clerical error= sorry bro…😂 I was just playing to see if you were paying attention. My bad bro. 😂😂

[@ahuramazda323]

I'm very disappointed Ramps is implicated with this.

[@namkebanyanklariti]

Good. Hold them accountable too much stealing.

[@ronaldross-sv9hm]

We're all watching to see what comes out of it 😳😳😳😳

[@threewest5498]

US will just issue out free visas and everyone will be fine

[@theneophytejournal]

hold up, no one notice at all that cake at 2:16???

[@hughgraham6587]

Great move

[@kernj6454]

Lol Trinidad again. trickydadions

[@sleepinggiant5876]

😂😂

[@jorgeposadas1192]

Clerical errors=thieves.

[@sabprogroup8623]

Guyana is gonna realize who it’s real friends are and who the opportunists are.

[@sharsasuke01]

2:15 Why baby girl double cheeked up on the oil rig like that?

[@paulinesingh7885]

Never..never...expected .....

[@sheltonwilliams1373]

Exon do it on purpose, them must sue them.

[@MrRoop45]

Crooks and scammers....? Check them out thoroughly.

[@lennoxdarrell7148]

No Mistake Blatant Theft Driven by Greed.Some Mankind is Never Contented.

[@princegiwb]

An 8 billion dollar clerical error? Really?

[@alldayubum]

Exxon doesnt make clerical errors like that

[@warro35]

Thanks to Glen Lal

[@skp8748]

Hahahaha SHAME THATS WHAT YOU GET.. THEY DONE THIS TO VENEZUELA AND YOU DIDNT CARE

[@mastergems5145]

Awwee sh$t. Here we go... Better pay for local security.

[@juniorbitare3041]

I kind of believe it was a mistake, simply because of how blatant it is and how obviously they would get caught…

[@topmedicalshop]

Wish Guyana a good luck, ask Nigeria, Angola ,Lybia, Iraq and the likes what it means for a developing nation to dine with the devil... They need to nationalize their oils exploration and refinery like aramco and invest the profit in a sovereign wealth funds like norway otherwise they would end up a rich but poor nation like Gabon ...

[@trinifuhso7939]

What will be the repercussion tor Trinidad company ramps

[@joaikishi]

GUYANA IS IN SOUTH AMERICA!!!

[@changeiscoming5227]

WHAT A BRAVE MOVE ITS ABOUT TIME GUYANA TAKE DRASTIC MEASURES AGAINST THE GREEDY EXXONMOBIL.

[@MyPamela2000]

All North American countries do this to the 3rd world countries ppl. They think third world are stupid. They are bullies that is why they are not at peace. Earn hugh salaries but still not satisfied.

[@karlad4082]

Get them Guyana 👍

[@barbarasingh8708]

who they want to show they going to court, no doubt it's a clerical mistake , they become so honest now , HALLELUJAH

[@kenblack4258]

It was done with the approval of the oil sheikhs why do you think there is no renegotiation of the oil contract even for the new finds

[@randhirpersaud4342]

Please do report on Guyanese teachers strike for livable salaries. 😊 Guyana teachers on strike presently. 😊🇬🇾

[@LeonNeuton]

They got caught in a lie!!! It's their modus operandi🤬🤬🤬🤬🤬

[@scotts5886]

Yeah well..when Trinis get involved in business you can expect to get the shaft from them.

[@rickyraynor5513]

Good for Guyana 🇬🇾 opep your Eyes Guyana

[@user-ly2ux7yv9p]

It goes to anyone if you don't fulfilled your obligations to GRA it no mistake

[@lincolnm2.0]

I wonder who gets fired for that huge mistake.. trini again......

[@unforgetable321]

US didn’t know Guyana can count 😂

[@user-jq2of2qw6f]

can they??? 85% - 15% that s a huge difference... What a mistake!!!

[@kentprince4851]

Things gone sour quick

[@xfactor6099]

this is american debt trap

[@cqqq2611]

Guyuna, Suriname and other oil and gold giants must stay strong. the Caribbean countries should not be fooled by these other countries trying to screw us all over. Caribbean community will stick together

[@celiajames600]

No surprises there

[@erickmoenga1206]

That's what they have been doing in Africa as well

[@haylonharroo913]

That's great dont come an take everything like them do Trinidad an Tobago

[@brianschultz2787]

They should sue ExxonMobil for that contract also,,it sgould be 50/50,but I stand with them on this

[@aneudysperalta6300]

Good hope day win. These greedy corporations have to go.

[@victortoba-ogunleye4056]

What if it was just a mistake? A 12 billion dollar misktake to a tiny country seems more like a mistake than malice.