Re Not seen this before4 Feb 2021 20:22
Obadhia
In your youtube link, the 'Wealth Fund' is mentioned only a couple of weeks ago...good idea if a large find made
Bahamas Prime Minister Minnis in a statement said a 'Sovereign Wealth Fund' will be brought to life.
in reply BPC’s CEO, Simon Potter said...
"If the company finds commercial quantities of oil, royalties from its production would “provide exactly the kind of excess cash” the nation’s leader anticipates for a Bahamas Sovereign Wealth Fund.
Mr Potter said a Sovereign Wealth Fund has the capacity to make money for the government and diversify the economy. He said: “Four years ago, The Bahamas passed legislation to establish the framework for a Bahamian Sovereign Wealth Fund, an initiative which BPC actively supported. The many natural resources in The Bahamas, including its potential oil resource, have the capacity to add an entirely new income stream to the government of The Bahamas, thereby diversifying the economy and significantly broadening the government’s revenue base. “We are thus delighted with Prime Minister Minnis’ statements today indicating how the Sovereign Wealth Fund will be brought to life. Royalty payments to the government, for instance, if BPC were to find commercial quantities of oil from its exploratory well ‘Perseverance 1’ and thereafter bring that oil into production, would provide exactly the kind of excess cash the Prime Minister envisages to be paid into a Sovereign Wealth Fund.”
BPC said establishing such a fund would bring The Bahamas in line with similar funds maintained by other countries to enable accumulation of wealth for the national benefit from natural resources. Mr Potter said: “Once established, such a wealth fund would allow the government a much greater degree of choice than currently exists to promote and safeguard the wellbeing of all Bahamians. Choices, for example, to pay down the national debt, or to invest in infrastructure and services that better the lives of its citizens; the possibilities are many.”
Mr Potter said: “Set aside in this manner as a form of ‘national savings,’ future income from a Sovereign Wealth Fund can directly benefit not only this generation but future generations through, as in other nations, an annual dividend payment to all citizens, infrastructure development, educational and vocational subsidies and the like. One of the world’s most well-known Sovereign Wealth Funds is that of Norway, which has seen tremendous wealth accumulated for the benefit of all Norwegians, as that country’s oil and gas resources have been successfully and safely developed over the past five decades.”
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