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Setting up a state-oil firm, or finishing up surveys, would have pushed again the timeline, officials said. The current goal is to start providing new blocks in September this 12 months. “The oil companies are making all this money, the government is getting paid, however I don’t see a lot distinction in my life,” mentioned James. “We need to keep away from the oil curse and construct a resilient financial system that brings prosperity to all,” Guyana President Mohamed Irfaan Ali advised Reuters in a separate interview.

Castro warned the U.S. that “Cuba just isn’t one other Guatemala” in certainly one of many combative diplomatic exchanges earlier than the us organized the failed Bay of Pigs Invasion of 1961. The Eisenhower administration proceeded with antitrust motion towards the company, which pressured it to divest in 1958. In 1972, the corporate sold off the last of its Guatemalan holdings after over a decade of decline. Despite UFCO’s authorities connections and conflicts of interest, the overthrow of Árbenz failed to benefit the company.

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