LINDSAYCA’s full takeover of gas to energy project won’t impact arbitration, US EXIM Bank loan

Last Updated on Friday, 4 July 2025, 13:16 by Writer

The Houston, Texas-headquartered LINDSAYCA would be taking full control of the construction of the US$759 million Wales Gas to Energy project, with the collapse of the joint venture with the Puerto Rico-based CH4, President Irfaan Ali said Thursday night.

“LINDSAYCA would become the 100% shareholder and assume full responsibility and control for completing the project,” he told Demerara Waves Online News.

He said it would be too early to determine whether the break-up of the joint venture would mean an end to the arbitration process between the Guyana government and the companies over an estimated US$100 million in expenses. “It would be premature to comment on this matter until the Change in Control is completed,” he said.

At the same time, the President said government was advised that existing stage of arbitration would not affected by steps being taken to had over full responsibility for the project to LINDSAYCA. “We have been assured by our lawyers that the Change in Control will not affect the current status of the arbitration process,” he said.

Earlier on Thursday, Vice President Bharrat Jagdeo told a news conference that the government was informed that the break-up of the consortium, as a result of “internal disputes” was aimed at completing the project during the second quarter of 2026. “That would allow them to accelerate work because it seems as though the internal wrangling between the company is affecting the pace of implementation of the project,” he said. He said government was convinced that the joint venture’s “split” would help to fast track work on the 300 megawatt electricity plant and the natural gas liquids (NGL) plant.

Mr Jagdeo also said the end of the LINDSAYCA/CH4 consortium would not have any implications for the US$526 million loan from the Export-Import Bank of the United States as the remaining company is American-owned and the loan was borrowed by the Guyana government.