Business Minister rebuffs criticisms, defends ExxonMobil
…tells Linden stakeholders deal “not bad”
By Utamu Bell
Business Minister with responsibility for Tourism, Dominic Gaskin has come to the defence of the Guyana-ExxonMobil contract, telling Linden stakeholders that despite naysayers, the contract which Government has inked is “not a bad deal.”
The Minister and a team recently met with a variety of stakeholders within the community, including representatives of the Linden Chamber of Commerce.
Business Minister Dominic Gaskin engaging stakeholders on Thursday
Gaskin also conducted a ‘walkabout’ to listen to concerns of the business community. In defending the contract, Gaskin, speaking to stakeholders at the Linden Enterprise Network, said there is a particular media house bent on making Government look as though it has entered into a “bad deal” and carrying out attacks on ExxonMobil, as he maintained that in fact it is “not a bad contract”. He stated rather, that oil and gas is “probably the best thing to happen to Guyana’s economy,” noting that it has major opportunities for all sectors.
The Minister further pointed out that, generally, it’s a positive development for the country. “People outside of Guyana, they’re showing an interest in our country…all of a sudden, people want to come here…”, the Minister said, as he continued that while criticism is not necessarily a bad thing, negative attacks will not help with foreign investment, especially since Guyana itself does not have the money nor expertise required to invest in the oil and gas sector.
“Attacking a foreign company that has come to Guyana and that has invested heavily in a sector that we ourselves don’t have the capacity to develop… is to be counterproductive, anti-business and anti-Guyana,” the Minister stressed. He added that every region in Guyana should find a way to maximise benefits for economic development in the oil and gas sector.
Further defending the contract, Gaskin highlighted the benefits. “We’re getting a 50 per cent royalty, we’re getting a 50 per cent share of the profits and we’re also getting withholding taxes from overseas-based sub-contractors…,” he posited. Gaskin said Government will ensure that other sectors such as tourism, manufacturing, forestry and mining and agriculture are also enhanced in the coming years to ensure Guyana is not left behind.
