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Business

Gasoline, diesel prices to drop with cut in excise tax

The Guyana government Wednesday night announced that the prices of gasoline and diesel were now expected to reduce as a result of a cut in the excise tax on fuels to cushion the impact of a spike in global oil prices to more than US$60 per barrel. In order to minimise the impact on domestic consumers, particularly the travelling public ...

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Former Environmental Chief, ExxonMobil differ on legality of flaring

Former Executive Director of the Environmental Protection Agency (EPA), Dr. Vincent Adams and ExxonMobil were Wednesday at odds over the legality of the flaring of gas due to  a malfunctioned gas compressor that has since been flown to Germany for repairs. Dr. Adams said government should have ordered ExxonMobil to shut down its operations until the gas compressor is fixed, ...

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New oil agreements will ensure Guyana earns more; businesses told higher prices will reduce oil profits- Jagdeo

The Guyana government on Monday cautioned businesses against racking up the cost of goods and services because that would reduce the country’s profit share, but said future Production Sharing Agreements (PSA) would ensure this country earns much more from the oil and gas sector. “The oil companies would have to understand that they would have to work differently in Guyana,” ...

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Projected 20.9 percent growth depends on COVID ; increased pension; lower water, Internet data bills announced

Oil revenues pegged at US$1 million in 2021 Finance Minister Dr. Ashni Singh says Guyana’s economy is expected to increase by 20.9 percent in 2021 and he announced that the  prices of basic food items, water and Internet data will be reduced with either the removal of Valued Added Tax (VAT) or zero-rating of them. Delivering the 2021 National Budget ...

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Countrywide crackdown on unsafe street food vending

The Government Analyst Food and Drug Department (GA-FDD) on Friday said Food Safety Officers would begin cracking down on unsafe food vending on the streets of Georgetown and elsewhere across the country. The GA-FDD said it was teaming up with the City Public Health Department  and Environmental Health Officers from the 10 Regions and municipalities to counter  the “significant increase” ...

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ExxonMobil, partners unveil GYD$20 billion Guyana development project

ExxonMobil and its partners, CNOCC/Nexen and Hess Corp, on Tuesday announced a GYD$20 billion development plan titled  “The Greater Guyana Initiative”, saying that the money would not  have to be recovered. “I want to be clear that these initiative will be fully funded by the Stabroek Block co-venturers and will not be part of the cost recovery process,” said President ...

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Eastern Airlines suspends operations to Guyana due to COVID; promises to refund passengers; eyes Toronto service

The United States-headquartered Eastern Airlines has suspended its service  to Guyana immediately and has promised to pay back passengers for booked flights and debts owed to other entities. “We are in the process of reviewing all liabilities and ensuring all our obligations have been met in Guyana. Refunds for all impacted passengers are being processed,” the carrier told the Director-General ...

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Jagdeo justifies Wales location for gas-to-energy project, associated industries

Vice President Bharrat Jagdeo said government decided to shift the proposed gas to shore project from Region Four (Demerara-Mahaica) to Wales in Region Three (West Demerara-Essequibo Islands which is less populated and has a larger swathe of land suitable for the gas plant and associated industries. Early calculations show that when the estimated US$500 million to US$800 million pipeline- depending ...

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2021 National Budget Day is Friday, Feb 12

Finance Minister Dr. Ashni Singh Monday night announced that Friday, February 12 will be Budget Day 2021. He made the announcement following last weekend’s consultation with the private sector, trade union movement and other stakehokders. “We received a lot of very good suggestions  from those who were gathered; many of those who were gathered,” he said about the ongoing consultative ...

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Oil production dips by 5,000 barrels per day

  Guyana’s oil production from the Liza One well has dropped by about 5,000 barrels per day, a top sector official said Sunday. Natural Resources Minister, Vickram Bharrat says the production has not dropped much and that ExxonMobil was trying to find the “right balance” between flaring excess gas and maximising production. Mr. Bharrat’s disclosure of an actual figure has ...

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