Economy

by Gwen Evelyn GEORGETOWN, Guyana — November 15, 2019 — What started out as a quest to develop local products and add value has turned into a thriving and growing industry today. Cereals, personal-care products and condiments are now all being produced locally at the highest standards and export-ready quality. This is thanks to the work being done at the ...

University of Guyana (UG) 2019 valedictorian, Shane Rampertab Saturday morning issued a stirring appeal for graduates to play a major role to fight corruption as the country prepares for the start of commercial oil production next month. Addressing the first of two graduation ceremonies at the Turkeyen Campus, he said his call for an end to corruption was in the ...

Reproduced from Bloomberg Tullow Oil Plc fell the most in two decades in London trading after saying it’s reassessing the commercial viability of discoveries in Guyana. The stock sank as much as 23% on the news that crude from two wells in the South American country was found to be heavy, with a high sulfur content. That’s disappointing to shareholders ...

The Change Guyana political party on Tuesday proposed a steep reduction or elimination of a range of taxes as a way of reducing poverty and stimulating private sector-led development. The party is promising to make the first GYD$100,000 of salaries free from income tax in 2020, in view of its calculation that a household cost of living is GYD$120,000 per ...

As Guyana forges ahead with its plan for a ‘green’ state, the Government, through the Office of Climate Change (OCC), has partnered with the United Nations Development Programme (UNDP) and the Global Environment Facility (GEF) to implement a project titled the “Mainstreaming Low Emissions Technologies to build Guyana’s Green Economy,” through US$1.7 million in financing from the GEF. The grant ...

Guyana’s preparations for the start of commercial oil production and lifting is moving apace and these include having a third party aboard the floating production, storage and offloading (FPSO) vessel overseeing the movement of oil, Head of the Ministry of the Presidency’s Department of Energy, Dr. Mark Bynoe said Wednesday. “It is the government’s desire to be pursuing a third-party ...

Region 8 (Potaro-Siparuni) now has its own lapidary to produce attractive value-added gems giving residents of Monkey Mountain and its environs another opportunity to earn much-needed cash. The GYD$16 million facility, which was funded by the Government of Guyana and constructed by the residents, includes a 30 feet by 20 feet concrete building, the purchasing of modern technical lapidary equipment ...

The start of commercial oil production offshore Guyana in December depends on weather conditions, the ExxonMobil’s Vice President and Secretary, Neil Hansen said on Friday. “The target for achieving first oil is December, dependent on favourable weather conditions,” he told a webcast on ExxonMobil’s third-quarter 2019 financial and operating results. “This will place start-up within five years of initial discovery, ...

The newly-formed Change Guyana (CG) political party on Tuesday vowed to renegotiate all existing contracts with oil companies to get higher royalties and suspend the award of new concessions pending those talks. Addressing CG’s launch at the Pegasus Hotel, prime ministerial candidate, Nigel Hinds made known his party’s position on the issue at a time when there is lingering debate ...

Efforts are continuing to revive agriculture in Buxton, with the clearance of at least 180 acres of land aback the village and the improvement of drainage, officials said Sunday. An update on the project was provided at the first Economic Development and Health Seminar that was organized by the Buxton-Friendship Museum, Archives and Culture Centre and the Young Visionaries. Village ...