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Pegasus for US$100 million expansion; owner says tax regime unattractive to Guyana’s private sector

As the Pegasus Hotel prepares to construct a US$100 million Corporate Centre and Suites, its owner Robert Badal Thursday night urged government to stop taxing start-up investment projects heavily as they seek to enter the marketplace and contribute to Guyana’s growth and development. He contended that heavy taxation was discouraging the local private sector from investing heavily. “The main reason, ...

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ExxonMobil plans 20 projects offshore Guyana; calculations pegged at US$40 per barrel

ExxonMobil plans 20 oil exploration projects offshore Guyana, using a projected cost of US$40 per barrel, company officials said Wednesday. The corporation’s Vice President Neil Chapman said  his company has found 3.2 barrels of oil equivalents and is gearing up to drill 20 more wells in the Stabroek Block. “We also have considerable additional potential in this region. We have ...

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ExxonMobil signals reluctance to renegotiate contract with Guyana; rules out skullduggery in operations

ExxonMobil on Tuesday assured that there would no skulduggery to inflate expenses or steal Guyana’s oil and at the same time appeared reluctant to renegotiate its controversial Production Sharing Agreement with Guyana although larger quantities of oil are being found in the Stabroek Block. In response to a question at Private Sector Commission-organised seminar on Guyana’s oil and gas sector, ...

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ExxonMobil’s contract will yield more royalties than gold annually

In the face of persistent criticisms of the Guyana-ExxonMobil agreement, Business Minister Dominic Gaskin on Tuesday railed against critics who see the deal as “chicken feed”, instead saying that it would yearly earn the country more than gold. Addressing the opening of a Private Sector Commission- organised seminar under the theme “Oil and Gas in Guyana: Perspectives in Guyana”, Gaskin ...

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500 Guyanese to be employed when construction of manganese plant begins in July

Guyana Manganese Incorporated (GMI) plans to employ more than 500 Guyanese in the construction of its manganese operations in Matthew’s Ridge, a senior company official. Steven Ma, Assistant General Manager of Bosai’s Overseas Department said construction is set to begin in July and  550 locals from the region and across Guyana would be employed during that phase as well as ...

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GTT’s $18M Innov8 Fund to aid STEM Guyana, University of Guyana

An GY$18 million innovative fund established by the Guyana Telephone and Telegraph (GTT) will be pumped into the Science Technology Engineering and Mathematics (STEM) programme locally and the University of Guyana (UG). The announcement was made earlier Monday by the telephone giant during a press conference to promote its upcoming Innov8 Expo and Business forum to be held later this ...

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Guyana Stores Limited loses tax case to GRA at Caribbean Court of Justice

The Guyana Revenue Authority (GRA) on Monday won an appeal before the Caribbean Court of Justice (CCJ) against Guyana Stores Limited (GSL) on whether a two percent minimum corporation tax was unconstitutional and amounted to the taking away of private property. “This decision is a victory for the Revenue Authority as many taxpayers attempt to avoid the specialized procedure under ...

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No more two-plane international airlines allowed; govt concerned about steep airfares- Harmon

The Guyana government has decided to refuse permission to more international airlines that merely have one or two aircraft because passengers continue to be frustrated by long delays and cancellations, Minister of State Joseph Harmon announced. “All I would ask of you is don’t bring no one-plane airline or no two-plane airline so that you take all the people money ...

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Govt confirms Demerara Distillers Limited will help restart Enmore sugar estate for molasses; hundreds rehired

The Guyana government appears to have finalised a deal with the privately-owned Demerara Distillers Limited (DDL) for the restart of the Enmore sugar estate to produce molasses for that company, a high-level government official said Sunday. The Head of the Special Purpose Unit (SPU) of the National Industrial and Commercial Investments Limited (NICIL), Colvin Heath-London said almost 200 workers have ...

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