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Economy

Solar farms for Mahdia, Bartica, Lethem

The townships of Bartica and Mahdia in Region 8 and Lethem, Region 9 will benefit from an overall of 3.15-megawatt solar-powered mini-grids system totalling $1.7 billion (US$8.6 million). The project is being funded by the Inter-American Development Bank (IDB) and the Guyana Energy Agency (GEA). The 1.5-megawatt solar photovoltaic power plant at Bartica will benefit 15,000 residents in Bartica, while ...

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GCCI’s Petroleum Head calls out President Granger on oil and gas silence

Head of Petroleum at the Georgetown Chamber of Commerce and Industry, Attorney-at-Law Charles Ramson is flaying President David Granger for being virtually silent on key issues in the oil and gas sector. Mr Ramson, who holds a master of science in Oil and Gas Enterprise Management from the United Kingdom’s University of Abeerdeen, describes the establishment of the Department of ...

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“No, Trinidadian companies are not coming to take over”; Guyana can learn global oil industry standards from TT– Energy Chamber of Trinidad Tobago assures

The Energy Chamber of Trinidad and Tobago (ECTT) on Wednesday sought to dispel concerns that businesses from that twin-island Caribbean Community (CARICOM) member state are coming to Guyana to dominate the oil sector, instead saying that they are grasping business opportunities hinged on 100 years of experience and international safety standards. ECTT Chief Executive Officer, Dr Thackwray Driver rubbished claims ...

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DDL powers up with natural gas; commissions Guyana’s first regasification terminal

Demerara Distillers Limited (DDL) says it is now using liquefied natural gas (LNG) to power its operations, having commissioned Guyana’s first LNG regasification terminal. The terminal is located at Plantation Diamond, East Bank Demerara. “We are very excited to be the first Guyanese company to use LNG for our power generation needs,” said DDL’s Chief Financial Officer, Vasudeo Singh. “As ...

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Coalition to promise tax breaks in 5-year manifesto

Finance Minister, Winston Jordan says the governing coalition’s general election campaign will not be pegged on the immediate benefits of oil money next year, but will list a number of tax concessions leading up to 2025 as more oil revenues pour in. He says lower individual, corporate, value-added and other taxes will find their way into the manifesto of the ...

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Finance Minister warns NIS against investing on foreign stock markets

Finance Minister, Winston Jordan has cautioned the National Insurance Scheme (NIS) against investing its funds on the international stock market. His comment came against the background of a suggestion by the Chairman of the NIS Board, John Seeram that the social security agency should invest on foreign stock markets. “We will need to consider purchasing more attractive bonds and shares ...

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GuySuCo reports 23% production shortfall but hopes to meet target

The Guyana Sugar Corporation (GuySuCo) says it registered a 23 percent shortfall in production up to the date that the crop should have closed, largely due to bad weather and malfunctioning equipment. At the same time, the state-owned corporation rejected claims by the Guyana Agricultural and General Workers’ Union and the National Association of Agricultural, Commercial and Industrial Employees that ...

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PODCAST: NIS grapples with declining contributions, low investment returns

The General Manager of Guyana’s National Insurance Scheme (NIS), Holly Greaves says Guyana’s state-owned social security entity continues to suffer from declining contributions and low returns on its investments. Addressing the NIS’ 50th anniversary observance, she said a Debt Management Department has been registering some successes in raking in much needed cash from errant employers and self-employed persons. She notes ...

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