PARAMARIBO, Suriname, CMC—Staatsolie, Suriname’s national energy, oil, and gas company, launched a new bond Friday to raise US$250 million and Euro 50 million (one Euro = 1.29 cents) to support its participation in the development of the GranMorgu offshore oil field in Block 58.
Staatsolie Maatschappij Suriname N.V. said in a statement that the 2025-2033 bond, which is available in US dollars and Euros, takes effect on Marcch23 this year and has an eight-year term.
The interest rate is 7.75 percent for the US dollar-denominated bond and 7.25 percent for the Euro bond.
“Investors can participate from as little as US$100 or Euro100, making it accessible to as many people in Suriname as possible. For larger investors residing in Suriname, Curaçao, or Sint Maarten, a denomination of US$ 30,000 is available,” the company said.
It said that the subscription period runs from February 3rd to the 25th, with allocation on March 10, and that payments can be made from March 10 to 18th.
“Subscribing is accessible and can be done online or at any bank in Suriname. The subscription form and all relevant details can be found at www.staatsolieobligatie.com. De Surinaamsche Bank (DSB) is the lead arranger for this bond issuance. The bonds will be publicly tradable on the Dutch Caribbean Securities Exchange (DCSX) and the Suriname Stock Exchange (SSX).”
Staatsolie said that, as outlined in the production-sharing contract, it will take up to a 20 percent stake in the first-ever offshore oil field in Suriname, the GranMorgu field in Block 58.
The total investment in the project is estimated at US$12.2 billion, with Staatsolie’s share amounting to US$2.4 billion.
“The proceeds from this bond issuance will help Staatsolie finance its portion, reducing the need for bank loans. The company has also set aside cash reserves for the GranMorgu investment. Another key objective of this bond issuance is to refinance the Staatsolie Bonds 2020-2025 and 2020-2027, which previously raised US$ 195 million to support the 2020-2027 investment program,” the company added.
Staatsolie said over the years, it has consistently delivered strong financial and operational performance, playing a vital role in Suriname’s economy.
It said that in the past three years, Staatsolie’s contribution to the country’s gross domestic product (GDP) averaged 9.5 percent, while its share in government revenues stood at around 32 percent.
“Staatsolie is driven by its mission to contribute to Suriname’s progress. GranMorgu marks a new beginning for the nation. With this investment, Staatsolie is taking a major step toward realizing its vision: “Energizing a bright future for Suriname.”
The company said Staatsolie’s success in its three previous bond issuances “proves that confidence in our capabilities is the foundation of our strength and stability.”
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