Economy

by Samuel Sukhnandan The Russian Aluminium (RUSAL)-controlled Bauxite Company of Guyana Inc. (BCGI) has expressed an interest in reopening after suspending its operations in February this year and firing hundreds of workers, citing industrial unrest and damage to property. The company’s Country Representative and General Manager Mr Vladimir Permyakov met with a high-level team of ministers and other government officials on Monday, where they ...

President Irfaan Ali on Wednesday night unveiled a package of measures to ease the cash strain on thousands of Guyanese due to the economic downturn caused by the COVID-19 pandemic, even as he announced plans to increase testing countrywide and acquire results in a short time and clear a backlog of 700 tests. The President said his administration wants to ...

Guyana has put a “hold” on the international bidding process for oil companies to lift and sell its share of crude oil sales from one of ExxonMobil’s several oil fields offshore the north-east coast of South America, Vice President Bharrat Jagdeo announced Friday. He said the now one-week-old administration, which was sworn in five months after a disputed general election, ...

The Guyana government plans to open negotiations with United States (US) oil giant ExxonMobil to purchase natural gas to push industrialisation and provide cheap electricity to the nation as well as entrench local content requirements to ensure Guyanese are not paid lower salaries than in other countries, Vice President Bharrat Jagdeo told a news conference on Friday. Claiming that the ...

The Guyana Trades Union Congress (GTUC) on Tuesday welcomed the re-establishment of a Ministry of Labour and has already urged Minister of Labour Joseph Hamilton to tackle several burning issues. “We look forward to a good, meaningful, and productive working relationship with the Minister. Now that we have a return of a ministry it is therefore our expectation that the ...

The National Industrial and Commercial Investments Limited (NICIL), the holding company for government’s assets, will be asked to return the closed sugar estates to the state-owned Guyana Sugar Corporation (GuySuCo) which will be reopened after a review is done, Agriculture Minister Zulficar Mustapha said Tuesday. “In terms of the timeframe for reopening the closed sugar estates, first of all GuySuCo ...

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 ...

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 ...

By GHK Lall Oil prices, the futures to be precise, went into negative territory for the first time in their volatile stormy history. For many it is like the end of the world. Yet, here are Guyanese lost in the impenetrable hazes of their own little world, who could care less. The bounty bestowed on us is now worth nothing, ...

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 ...