– says Govt trying to distract attention from real issues
While the three-day Guyana International Petroleum Business Summit (GIPEX 2018) summit gets underway today, the Opposition People’s Progressive Party/Civic (PPP/C) has labelled the event as another superficial publicity stunt on the part of the Government.
Opposition Leader Bharrat Jagdeo
According to the Party in a statement on Tuesday, this is because the Government is yet to address a number of burning issues with the oil sector; issues such as a flawed renegotiated contract with ExxonMobil, the stalled Petroleum Commission Bill and the yet-to-be established Sovereign Wealth Fund (recently renamed the Natural Resources Fund).
Instead, the Opposition Party contended, the event was launched by the Government, through the Guyana Office for Investment (GO-Invest) simply to divert attention from issues like joblessness, poverty and crime. This, the Party noted, is a trend the Government has developed – all to hide its “incompetence.”
“From the outset, we have stated that any competent Government inviting investment interests in the sector must set out clear policy objectives, must establish the requisite architecture and create an attractive environment that will conduce to investments. None of these prerequisites currently exists. On the contrary, the entire sector is mired in controversies, chaos and confusion,” the Party stated.
“The Petroleum Bill that ought to set out the legal framework and policy infrastructure for the sector is still in a Select Committee in the National Assembly, which Select Committee has never even met. The Bill itself is deeply flawed, in that it (allocates) excessive power and authority in the subject Minister. Even the Minister is on record as so admitting and has promised to shed some of these powers.”
The PPP/C noted that besides the absent Sovereign Wealth Fund and the lopsided contract, the US$18 million signing bonus, which Guyana received from ExxonMobil back in 2016 is still being held in an account outside of the Consolidated Fund.
“No explanation is forthcoming from the Government in respect of the multiplicity of criticisms and queries raised in the press and by Guyanese everywhere about the contract. All we have from the Government is a glib indication that future contracts will not be similarly structured and negotiated,” the Party noted, adding that the Government was yet to provide clarity on the much-touted Green State Development Strategy (GSDS) and how it would impact on the petroleum sector.
“In the circumstances,” the PPP/C declared. “We have no alternative but to conclude that this event is another publicity gimmick of the Government.”
The summit gets underway today at the Guyana Marriott and will last until Friday. President David Granger is expected to address the attendees, which will include both local and international firms.
