PARAMARIBO, Suriname, CMC – The third edition of the Suriname Energy, Oil & Gas Summit (SEOGS) has started here with President Chandrikapersad “Chan” Santokhi pledging to make the Dutch-speaking Caribbean Community (CARICOM) country one of the top oil-producing countries.
He told the opening ceremony that to achieve that goal; foreign investments would be needed, as well as good governance.
“There is no room for political shortcuts if we want to become what we can be,” said Santokhi, adding that while his administration is going to do everything it can to accommodate the oil and gas industry, it is also going to go to great lengths to move away from fossil fuels like the rest of the world.
Foreign Affairs, International Business, and International Cooperation Minister Albert Ramdin said that the summit is a success, noting that more people are attending it.
“This year, we have 150 exhibitors, participants from 40 countries, more than 200 speakers, and 560 top executives. That’s impressive. More than 6,000 visitors are expected. That is a lot for a country with a population of 600,000. There are participants from 40 countries. In my view, that is a success,” Ramdin said.
Santokhi told the event that for Suriname to be among the top oil-producing countries, there is a need for investment in energy, artificial intelligence, and infrastructure, including roads, airports, and ports.
He said the government would enact legislation or regulations if necessary, or existing measures to improve the investment climate, acknowledging there are enormous challenges to make the country “a respected, developed country.
“If we aspire to be what we can be, there is no room for political shortcuts… this approach is the only sustainable path forward .”
Santokhi said that a Savings and Stabilization Fund is essential and that income from the oil and gas industry would be invested in other sectors such as tourism, education, and agro.
The head of state said that diversification is necessary to move away from fossil fuels in keeping with the global trend, adding that there is enough potential to generate energy from water, windmills, and solar power.
He said there are plenty of opportunities to start money flows with ‘carbon credits’ and that companies in the oil and gas sector could offset the pollution they cause by purchasing carbon credits.
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