No ‘special favours’ to be granted to foreign companies – Dr Bynoe

Oil and gas sector

Government has promised that no foreign company that plans to come to Guyana to operate in the local oil and gas sector will be granted any special privilege or favour.

This commitment was made by Head of the Department of Energy in the Ministry of the Presidency, Dr Mark Bynoe, who addressed a delegation of Canadian businesses visiting Guyana.
At a special reception hosted at the Canadian High Commissioner’s residence on Monday, Dr Bynoe noted that the Energy Department will continue to honour its obligations, “but it will be firm and consistent with application of the requisite laws”.
He asserted that there would be no predictable guarantees for anyone or any business, or any special favours, but rather its aim was to create a level playing field for all.
“And allow the Private Sector to take appropriate risk to garner acceptable rates of returns,” the Energy Department Head said while making reference to the need for predictability.

Dr Bynoe noted that the Department would not be rushing to take advice from experts unless there was sufficient evidence to prove the practicability of that advice.
“The Department is mindful that it will be receiving advice from many experts. It will not, however, be encouraging Government or even the Private Sector to pursue such advice even if they may be well-intentioned. Our decisions will be based on evidence-based facts,” Dr Bynoe said to guests at the event.
He said that the oil and gas sector was focused on efficiency, transparency, predictability, balance and evidence-based decision-making. Dr Bynoe also indicated that Government was interested in joint ventures to exploit mid- and downstream opportunities while raising local business standards.
Meanwhile, Business Minister Dominic Gaskin claimed that Government was not corrupt nor was the Private Sector and the population was not docile with ordinary people not benefiting from the oil.
“I can assure you that situation does not exist in Guyana, and I believe it is important that I assure you of that, especially our guests who are visiting here. We don’t want foreign companies to come to Guyana believing that this is a free-for-all and that our entire country can be bought.”
In recent times, there have been concerns, particularly by the Private Sector about whether foreign countries and companies would be allowed to dominate the sector.
The Georgetown Chamber of Commerce and Industry (GCCI) had expressed worry over the Energy Agreement that the Government signed with Trinidad and Tobago.
But both President David Granger and T&T Prime Minister, Dr Keith Rowley assured that there was no ‘takeover or sell-out’ of any sector by either side, but rather a sharing of information and ideas in the sector.
Guyana on Monday signed a Memorandum of Understanding (MoU) with Canada’s Newfoundland and Labrador Province. The agreement was inked between Newfoundland and Labrador Natural Resources Minister Siobhan Coady and Minister Gaskin at the Ministry of the Presidency.
The MoU provides for the two parties to facilitate economic cooperation and business opportunities in both countries. The agreement will be done by way of reciprocal visits to both jurisdictions by industry and Government representatives.
The agreement also speaks of establishing a Joint Working Committee that will be responsible for developing and coordinating an annual work plan, which will come into being within 30 days of the agreement being signed. Annual review meetings will alternate between the two.
MoUs were signed between two local and Canadian companies to commence partnership.