Economy

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 ...

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 ...

Republic Bank (Guyana) Limited has started waiving late fees and other penalties on the repayment of credit card debts, loans and mortgages as well as allowing eligible customers to postpone loan repayments for the next six months, in keeping with a request by the Bank of Guyana to all commercial banks. “In response to the anticipated impact as a result ...

The 100 percent-owned Guyanese recruitment company, Pandora Energy, says it has made significant progress in hiring Guyanese to work on vessels associated with the exploration and production of oil in Guyana and several other countries, after initially experiencing stiff foreign competition. “For some time, we found it difficult to secure contracts to provide manpower services to the offshore clients operating ...

Over 50 businesses participating in the upcoming Guyana Trade and Investment Exhibition (GuyTIE) 2020 scheduled for May, 2020, benefitted from capacity-building sessions in the key areas of trade facilitation and corporate social responsibility (CSR) over the course of three days. CSR is a self-regulating business model that helps a company be socially accountable—to itself, its stakeholders, and the public. CSR ...

Finance Minister Winston Jordan on Wednesday announced that the value added tax (VAT) is likely to be reduced to 12 percent as part of an overall package of tax reductions and concessions on building materials and certain productive sectors. Jordan, who has been on the 2020 election campaign trail, told a sod-turning ceremony for two internationally-branded hotels, that corporation and ...

Finance Minister Winston Jordan on Wednesday boasted that Guyana’s economy last year grew by 4.7 percent despite poor performances in traditional sectors, and that investors continue to ink concrete deals regardless of the political environment. Addressing the symbolic start of the construction of two major hotels on 10 acres of land at Ogle, East Coast Demerara, he said last year’s ...

First Bauxite LLC (FBX) has indicated to government that it would build an aluminium smelter in Guyana if natural gas, a cheap source of electricity generation, could be brought from hydrocarbon fields located offshore, Finance Minister Winston Jordan said. “They said if we can bring natural gas in sufficient quantities, they are prepared to put a smelter right there in ...

Guyana is this year expected to lift and sell five million barrels of crude oil being extracted from the Liza-1 well from the ExxonMobil-led consortium under the banner of Esso Exploration and Production Guyana Limited (EEPGL), Director of government’s Department of Energy, Dr Mark Bynoe said Tuesday. “I am happy to say that Guyana is entitled to approximately five million ...

Guyanese workers at Bosai Minerals Group (Guyana), a bauxite company in Linden, are concerned about the arrival of at least five Chinese from mainland China who have since been quarantined in their rooms as a precaution against the potentially deadly coronavirus (Covid-19). However, Bosai General Manager, Eric Yu said the Chinese nationals, who are from Chongqing, passed through Germany where ...