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Economy

34 companies submit expressions of interest to market Guyana’s crude oil

Thirty-four companies on Tuesday submitted expressions of interest (EOIs) to sell Guyana’s oil exports over a period of 12 months. The EOIs were opened by the National Procurement and Tender Administration Board. Already, the Ministry of the Presidency’s Department of Energy has said the company that wins the bid to market Guyana’s crude will not enjoy an automatic right of ...

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130 Guyanese laid off as RUSAL closure triggers German transshipment company exit

More than 130 workers have been sent home as a result of the Germany-headquartered, Oldendorff Carriers Guyana Inc (OCGI) closure of its transshipment service in Guyana three months after the Russian Aluminium (RUSAL)-majority owned bauxite company shut down its operations. “Unfortunately, OCGI’s customer in Guyana has decided to suspend and mothball its operation in Guyana and thus not to extend ...

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GRA announces more tax relief measures due to COVID-19

The Guyana Revenue Authority (GRA) on Tuesday announced a range of additional tax relief measures that will assist Guyanese as the country grapples with the fight against the COVID-19 pandemic. The tax relief, the entity stated, will support businesses and individuals who have been socially and economically disadvantaged by the threat of the virus. Among the relief measures are: Removal ...

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Guyana’s tourism sector loses earnings, jobs since COVID-19; appeal issued for govt relief

The coronavirus, COVID-19, has taken a toll on Guyana’s tourism sector, resulting in a 46-percent decline in earnings and a 30-percent loss of jobs to date, according to the Guyana Tourism Authority (GTA). The authority, which is a semi-autonomous government agency, predicted that 50 percent of tourism businesses would have to close their doors permanently if they do not get ...

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GTT workers take COVID-19 induced pay cuts

The Guyana Telephone and Telegraph Company (GTT) says it will be cutting salaries temporarily in an effort to ensure the country’s largest telecommunications company survives the “turbulent times during the COVID-19 pandemic.” “This unprecedented situation is already having a severe financial impact on the business and we are just at the beginning. In a bid to ensure continued service provision ...

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ACDA calls on government to provide relief to the poor being hit by COVID-19

The African Cultural and Development Association (ACDA) on Wednesday called on the Guyana government to set aside the political situation and provide emergency relief due of economic hardships brought on by the COVID-19 decline in economic activity. “A more robust and broad-based stimulus package for households and business, that can protect the people and economy of Guyana from the potentially ...

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Guyana’s two airports to remain closed until May 1

The Cheddi Jagan International Airport (CJIA) and the Eugene Correia International Airport (ECIA) will remain closed to international flights until May 1, 2020, in order to continue mitigating the spread of the COVID-19 coronavirus. “The closure of the airspace will greatly assist in minimizing the spread of COVID-19 by limiting international contacts,” the Guyana Civil Aviation Authority (GCAA) said. The ...

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Guyana’s oil revenues will decline in short term; ExxonMobil won’t stop production in Guyana

Plummeting demand for oil as a result of the Coronavirus (COVID-19) pandemic and an oil price war are expected to see Guyana earning less than the US$300 million it had expected to rake in annually from the Liza Phase 1 project and force ExxonMobil to push back developing other oil reservoirs, an analyst said. ExxonMobil spokeswoman in Guyana, Janelle Persaud ...

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OPINION: Political dogfight is over (cheap) oil

By GHK Lall We reach for a mirage, we clutch at straws, we sprawl before the world. In my estimation, Guyana’s political junkyard dogfight is all about power. I am unmoving that ascending to power provides the first access to the feverishly desired control and dissipation of that opulent oil ocean out there within this country’s borders. Though those are ...

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