Investment

Financially-crippled by six weeks of closure that government had ordered following the death of a geologist in a mining pit, the Australian gold mining company, Troy Resources Limited, on Monday said it would send home almost 400 workers in Guyana. In an internal one-page memorandum seen by News-Talk Radio Guyana 103.1 FM/Demerara Waves Online News, the company told employees that ...

Demerara Distillers Limited (DDL), through its subsidiary Demerara Contractors and Engineering Limited (DCEL) and  Caribbean Welding Supplies Limited (CWSL) have established an oil and gas services joint venture, Demerara Offshore Incorporated. Demerara Offshore will be providing a wide range of services to the oil and gas sector that include the development of a world-class shore base facility, welding and fabrication, ...

The recently established Unicon Guyana Inc. (UGI), which includes a well-established Ghanaian company, has promised that the workers it will hire, train and place aboard oil rigs will receive equal pay with their foreign counterparts, but trade unions must come to grips with the reality of working conditions aboard drillships. “Specifically, I want to say that once I’m Chairman, UGI ...

Amazonia Expert Services Limited (AES), a newly-formed company, has secured a lease of 700 acres of land at the closed Wales Sugar Estate, West Bank Demerara, to get into the coconut industry The major shareholders of AES, which is made up of entrepreneurs, academics and professionals, are former Executive Director of the Caribbean Agricultural Research and Development Institute (CARDI), Dr. ...

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 ...

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 ...

Under apparent pressure by hundreds of workers angered at being temporarily laid off and paid half of their salaries, Senior Labour Minister Amna Ally has intervened and withdrawn a letter by her Junior, Keith Scott, that had instructed Troy Resources Limited to cease all operations because of safety concerns uncovered by an inspector at two additional gold mining pits. “I, ...

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 ...

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 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 ...