Economy

Trinidad and Tobago’s former Energy Minister, Kevin Ramnarine agrees that Guyana’s business community should demand that foreign oil and gas industry companies buy more goods and services locally, but at the same time he sees a role for partnerships between Guyanese and Trinidadian companies. Speaking with local media representatives on Thursday via Skype, Ramnarine said if international oil companies are ...

Former Guyana government minister, Robert Persaud on Tuesday called for the 15-nation Caribbean Community (Caricom) Single Market and Economy (CSME) to be revisited. “The time has come for us to revisit the Treaty of Chaguaramas. The time has come for us to redefine what do we want, mean of want out of Caricom and, Guyana, we must start that conversation ...

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 ...

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 ...

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 ...

by GHK Lall Five years to 2025, according to the Hon. Minister of Finance. That is how long before the oil money would start coming in, the real meaningful money. The money that, if honestly and wisely (prudent is the word) used, could make a world of difference for Guyanese. Every single citizen. I can only agree with anyone, who ...

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 ...

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 ...

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 ...

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 ...