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Business

Exxon sparks IMF Concern with weighty returns in tiny Guyana… royalty rates well below international standards ; tax laws should be revised

Reproduced from Bloomberg Exxon Mobil Corp. got such a “favorable” deal from Guyana, home to the biggest new deepwater oil play, that the tiny South American country should rewrite its tax laws, the International Monetary Fund said. While Guyana should honor the existing deal, future contracts should ensure the state gets a higher portion of crude proceeds, the fund said in a report ...

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Guyana has not borrowed from Islamic Bank, but US$900 million is available– Finance Ministry, following Jagdeo’s criticism

The Ministry of Finance on Saturday said Guyana has not borrowed any money from the Islamic Development Bank (IsDB), but could potentially tap into a total of US$900 million in loans and grants “Guyana has not received any loans from the Islamic Development Bank,” the Finance Ministry said after Opposition Leader  Bharrat Jagdeo criticised government for borrowing US$900 million from ...

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Berbice Bridge “is not in any imminent danger of collapsing” but company must find money for maintaining pontoons- Public Infrastructure Minister

The Berbice River Bridge is safe to cross, although the pontoons on which that transportation link floats have not been serviced for several years because that privately-owned company has apparently done nothing to raise a minimum GY$150 million required for servicing, Minister of Public Infrastructure, David Patterson says. “The bridge is not in any imminent danger of collapsing but what ...

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Natural gas-powered electricity generation feasible; East Demerara site identified for pipeline

The use of natural gas for the state-owned Guyana Power and Light Inc. (GPL) to generate electricity has been found to be feasible and a site has already been identified to land a pipeline to bring the fuel ashore, Minister of Public Infrastructure, David Patterson said. “It has been confirmed that it is feasible. It has been confirmed that it ...

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GPL needs US$110 million to fix “serious deficiencies” that cause blackouts

The state-owned Guyana Power and Light Inc. (GPL) needs US$110 million to fix “serious deficiencies” that make the transmission and distribution system vulnerable to shutdowns and blackouts, the power company’s newly-appointed Chief Executive Officer, Albert Gordon said Wednesday night. That money, he said, would be spent on urgent reconfiguration, re-conductoring, and building some redundancy to stabilise the system. Minister of ...

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City Council approves bylaws for controversial parking meters

Despite strong objections by a vocal minority of three Georgetown City councillors- two from the People’s Progressive Party and one from Team Legacy- the bylaws were approved  Wednesday afternoon by a majority vote. At 2:45 PM, the vote announced was 13 yes, 2-no, 2 abstentions. The bylaws are to be posted up at several places across the City for 14 ...

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Kwayana, Pan African Movement knock govt on withdrawal of Hinds, Lewis from Guyana Chronicle

Guyanese elder statesman, Eusi Kwayana and the Pan African Movement (Guyana branch) have slammed the decision to revoke the contracts of Professor David Hinds and trade unionist, Lincoln Lewis as columnists of the State-owned Guyana Chronicle newspaper. Kwayana, a long-serving executive member of the Working People’s Alliance (WPA), contended that the removal of those columnists from newspaper columns is an act ...

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Market vendor shot to head while defending wife from banditry

A La Penitence Market vendor was Easter Monday afternoon shot to his head after he tried  in vain to prevent four bandits from robbing his wife, eyewitnesses said. The incident occurred at about 5:30 PM outside Twin’s Drug Store, Saffon Street. Injured is Doodnauth “Hardat” Danrasi of Windsor Forest, West Coast Demerara.  The bandits grabbed his wife’s apron containing GY$100,000 ...

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Guyanese sailor crushed to death at Trinidad Cement port

Reproduced from Trinidad Guardian A Guyanese sailor was crushed to death on Easter Sunday while loading a vessel at the Trinidad Cement Ltd (TCL) port in Claxton Bay. Doodnauth Nateram, 44, of La Parfaite Harmonie, Guyana, died at the San Fernando General Hospital around 3.40 am from internal injuries. Nateram, who was employed with the ANS Shipping Company, had come ...

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Guyana prepares to deploy oil spill equipment; SOL, ExxonMobil in training partnership

Guyana is preparing to deploy oil spill equipment as part of preparations should there be breach more than 120 miles offshore where commercial oil production will begin in 2020, Minister of Natural Resources, Raphael Trotman has announced. Addressing a Civil Defence Commission Stakeholder Meeting on the National Oil Spill Contingency Plan, Trotman said four containers of oil spill response equipment ...

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