"I'll buy all the people 1.05 million won".'This country' shows signs of 'jackpot' due to oil development

President Chandrikapersad Santoki Suriname / AP Yonhap News

The South American Suriname government, which launched a large-scale oil field development project, announced that it would share the profits from oil and gas development with all citizens.

On the 25th local time, Suriname President Chandrikapersad Santoki said in a reception speech on the 49th anniversary of independence that "all Suriname citizens will receive $750 (about 1.05 million won) in oil royalties in the future."

"An annual rate of 7% will be set for this stake, and we will create new financial products that can share future profits," Santoki said.

"Our entrepreneurs and young people have the opportunity to create a future for their country based on proper education and training," he said. "It is a policy that is consistent with the constitutional provisions that define natural resources as the property of the state and use them to promote economic, social and cultural development."

Suriname, a former Dutch colony, is a country that attracts attention for its abundant marine crude oil reserves along with neighboring Guyana.

Last month, AFP reported that France's TotalEnergies announced plans to proceed with a $10.5 billion (about 14.7 trillion won) oil field development project off the coast of Suriname. According to TotalEnergies' plan, crude oil production will begin around 2028.

Meanwhile, according to World Bank statistics, Suriname currently has a population of 600,000, with one in five people in poverty.

Guyana, the country next to Suriname, is also enjoying significant economic growth effects as oil was discovered on the nearby coast in 2015. On the 6th, the Guyana government announced that it would pay 370 pounds (about 650,000 won) to adult citizens living at home and abroad.

Reporter Park Sun-young of Digital News Team