Economy

The Guyana Sugar Corporation (GuySuCo) on Thursday called for the release of much needed funds to halt a further decline of the state-owned industry that produced a mere 90,246 tonnes of sugar last year due to mechanical problems, bad weather and strikes. “The industry will continue to face challenges to achieving reliability in the factories if operation capital investments continue ...

The opposition People’s Progressive Party (PPP)—citing a decline in consumer spending, high unemployment and increased government borrowing—says if it wins the March general elections, it will not depend on oil revenues alone, but rather, tap into multiple revenue streams to boost the economy. PPP presidential candidate Irfaan Ali said his administration’s strategy would not depend on oil and gas revenue, ...

Politicians in Guyana broke the New Year promising to use Guyana’s expectedoil wealth to fight poverty, while ensuring the emerging petroleum sector is properly governed. Incumbent President, David Granger assured that oil revenues, estimated to begin at US$300 million per year in 2020 from the Liza Phase 1 oil field, would be used to combat poverty among all Guyanese regardless ...

President David Granger Saturday morning commissioned a US$3.4 million power station at Dogg Point, Agatash in Bartica, Cuyuni-Mazaruni (Region 7), where he noted that it will bring unprecedented relief to residents who have experienced severe power outages over the years. The President in his address at a simple ceremony, said it is inconceivable that Guyana can be on a path ...

The Guyana government’s Department of Energy on Tuesday announced that the Barbados-headquartered Shell Western Supply and Trading (SWST) Limited has been selected to sell the country’s first three million barrels of oil for trial processing and removal of contaminants. “The DE looks forward to introducing this grade into the market in a stable and structured manner, and as a result ...

IRVING, Texas – ExxonMobil said today it made an oil discovery offshore Guyana at the Mako-1 well southeast of the Liza field, marking the 15th discovery on the Stabroek Block. The discovery adds to the previously announced estimated recoverable resource of more than 6 billion oil-equivalent barrels on the Stabroek Block. Mako-1 encountered approximately 164 feet (50 meters) of a ...

President David Granger Friday night said he expected increased jobs and assured that oil revenues would be spent wisely, shortly after ExxonMobil announced that it earlier in the day began commercial oil production from the Liza field offshore Guyana. “The petroleum sector will stimulate increased employment and expand services,” he said in an address to the nation. He announced that ...

The Guyana Manufacturers and Services Association (GMSA) recommends that the country’s entitled portion of refined oil be sold locally at a cheaper price in order to lower the cost of electricity especially to businesses. GMSA President, Clinton Williams noted that many of the “long-standing jeopardies” are closely linked to the high cost and unreliability of electricity, resulting in poor performance ...

Head of the Ministry of the Presidency’s Department of Energy, Dr. Mark Bynoe Wednesday night said the architects of Guyana’s local content policy would not be swayed by politicians who seek to galvanise support from among ordinary people at election time. Bynoe indicated that local content policymakers were under constant political pressure to generate jobs and other opportunities in a ...

Suriname’s Agriculture Minister, Rabin Parmessar is in Cuba to secure rice exports for next year.  That country’s ministry says it will do everything to make urea fertiliser and other inputs available at attractive prices and as soon as possible. Starnieuws reports Mr. Parmessar as saying Suriname — representatives of the rice sector and government — has been searching for new ...