Government terminates agreements with Global Petroleum Group

The Grenadian government has terminated several agreements, including a Production Sharing Agreement (PSA) with the Russian-backed Global Petroleum Group (GPG), citing the company's failure to meet agreed targets. Chairman of the Hydrocarbons Technical Working Group (HTWG), Nazim Burke, detailed that despite multiple opportunities, GPG did not fulfill its contractual obligations. The government emphasized that termination was a last resort after thorough consideration and is prepared to defend its actions if arbitration proceedings are initiated by GPG.