New Attempt to Block Perenco Contract Extension
A new Guatemalan Constitutional Court motion has been filed against the expanded Perenco contract on the grounds of unconstitutionality.
Monday, August 9, 2010
The new motion, presented by the independent congressman Aníbal García, claims that the new contract is without merit since Perenco has been deemed “ineffective” by the Guatemalan Tax Revenue Authority (SAT) since June 2006.
The Guatemalan Environment, Culture and Sports, and Interior Ministers have suggested that the law was broken in extending the Perenco oil exploitation contract.
Perenco Guatemala Limited would invest $50 million if the government extends its 2-85 extraction contract in the north of Petén.
President Alvaro Colom endorsed a 15 year extension to Perenco’s crude oil extraction contract.
Executives from 15 international companies participated in the briefing of new bidding areas.
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