Suriname state oil company Staatsolie has launched a bond to come up with “at least” US$250 million and EURO 50 million for its participation in the TotalEnergies-led Gran Morgu development in Block 58.
The company stated that the bond will take effect on March 23, 2025, for an eight-year term, and is available in both euros and US dollars.
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“The interest rate is set at 7.75% for the US dollar bond and 7.25% for the EURO bond. Investors can participate from as little as US$100 or EUR100, making it accessible to as many people in Suriname as possible,” Staatsolie said.
“For larger investors residing in Suriname, Curaçao, or Sint Maarten, a denomination of US$30,000 is available,” it added.
De Surinaamsche Bank (DSB) is the lead arranger for the bond issuance. Staatsolie said the bonds will be publicly tradable on the Dutch Caribbean Securities Exchange (DCSX) and the Suriname Stock Exchange (SSX).
“The subscription period runs from February 3 to February 25 with allocation on March 10. Payments can be made from March 10 to March 18,” the company announced. It said subscribing is made very accessible and can be done online or at any bank in Suriname. The subscription form and all relevant details can be found at www.staatsolieobligatie.com.
Staatsolie gets a 20% stake in the Gran Morgu development.
The total investment for the project is estimated at US$ 12.2 billion, with Staatsolie’s share amounting to US$ 2.4 billion. With the bonds, Staatsolie decreases its need for hefty bank loans.
The Gran Morgu project is currently under development, with first production expected in 2028. SBM Offshore, in partnership with Technip Energies, has secured contracts to build and install a floating production, storage, and offloading vessel.
