…200 exhibitors, 17 countries lined up to participate

Chief Executive Officer of the Guyana Energy Conference and Supply Chain Expo 2024, Kurt Baboolall
The Guyana Energy Conference and Supply Chain Expo 2024 is gearing to place the spotlight not just on energy, but on how other sectors can join the conversation to shape the trajectory of a sustainable future.

This flagship event will, from February 19-22, serve as a catalyst for stakeholders around the world to exchange ideas, propositions and plans for new investments.
Speaking with Guyana Times in an interview on Friday, Kurt Baboolall, Chief Executive Officer of the Guyana Energy Conference and Supply Chain Expo 2024, outlined that the conference will stand on the premise of its theme: “Fuelling Transformation and Modernisation”. In this regard, participation is being encouraged from key players in various sectors: such as ICT, agriculture, infrastructure, logistics, ports, hospitality, marine, labour, education and manpower, to shape the trajectory of a sustainable future.
This event also ties into Government’s strides in promoting sustainability across all industries while avoiding the Dutch Disease and realising the potential which each industry brings to the table, Baboolall has said.

He reiterated that the energy sector does not operate in isolation. “The energy sector cannot operate in a silo, as it is not isolated. It depends on the health, agriculture, ICT and other sectors to move along; and there is just a natural cohabitation…,” he said.
“We’d really like to have everyone included in the Expo, energy in Guyana is for everyone; we would really like persons to leave with some value-added. If you’re a career-minded entrepreneur (or) young professional, come in and interact with these companies; this is the whole reason for the platform,” the CEO outlined.
There presently is great interest in the energy sector and in employment in the various fields, and Baboolall has said there is great potential for networking and learning more about these opportunities.
“The platform is one for learning and networking. If you are interested, come out to the conference and exhibition; be a part of it,” he encouraged.
Some 17 countries and 200-plus exhibitors have confirmed their participation in this massive exposition.

Among the high-level foreign attendees would be the Prime Minister of Qatar, Sheikh Mohammed bin Abdulrahman bin Jassim Al Thani; Surinamese President Chandrikapersad Santokhi; Bahamian Prime Minister Philip Edward Davis; Trinidad and Tobago Prime Minister Dr Keith Rowley, and Caricom Secretary-General Dr Carla Barnett.
Among the attractions would be an International Food Festival in which persons can sample not just Guyanese delicacies, but dishes from Mexico, Dominican Republic, India, and the United Kingdom, among other nations.

Several important segments planned are tailored for businesses and youths, among other cross sections. A showpiece will also depict the journey of Guyana from first oil, and beyond – until the end.
“We’re looking at just about 200 exhibitors. We had to develop a new space just to accommodate some persons; so, the response has been very significant,” Baboolall said.
For more information, persons are invited to visit the website at guyanaenergy.gy. Tickets are on sale at the Marriott Hotel. (G12)

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Guyana government lowers price of gas and diesel for consumers

Oct 05, 2022

Globally gas prices are an increasing burden to the motoring public however, in Guyana consumers will be seeing a further reduction in the prices at the pump in the near future.

The Guyana government through the Ministry of Finance has effectively reduced the cost of gasoline and diesel from the Guyana Oil Company Limited (GUYOIL) in a bid to bring further relief to consumers across the country.

Senior Minister in the Office of the President with responsibility for Finance, Hon. Dr. Ashni Singh announced on behalf of the Government a reduction of gasoline and diesel prices at the pump to be charged by the Guyana Oil Company Ltd (GUYOIL).

The prices at the pump charged by GUYOIL will be reduced as follows: gasoline prices reduced by 20 percent from $269 per litre to $215 per litre; and diesel prices reduced by 15 percent from $265 per litre to $225 per litre. 

According to a press release, the Ministry of Finance indicated that during the first half of 2022, global oil prices surged more than 50 percent, increasing from US$77 per barrel at the end December 2021 to US$120 in June of this year; having risen as high as US$137 per barrel primarily because of the Russian invasion of Ukraine. The impact of the dramatic increases in oil prices were significant and given the interconnected nature of the global economy, translated into higher cost of landing fuel in Guyana.

The press release states that, to mitigate the impact of rising global fuel prices on domestic consumers and the productive sectors to which fuel is a key input, the Government lowered the Excise Tax rate on both gasoline and diesel from 10 percent to 0 percent in March of this year. It would be recalled that, previously, during the Budget 2022 presentation, the Government lowered the Excise Tax on both gasoline and diesel from 20 percent to 10 percent to minimize the impact of rising global oil prices.

The Government has been progressively lowering the Excise Tax rate on both gasoline and diesel, from 50 percent to 35 percent in February 2021, 35 percent to 20 percent in October 2021, in keeping with Government’s policy to adjust the taxes on fuel, to mitigate the impact of rising fuel prices on the world market.

Since resuming office in August 2020, the PPP/C Government has implemented a suite of measures to ease cost of living pressures and to improve disposable incomes. In an ongoing effort to address these issues head-on and to mitigate the effects of rising prices globally on all Guyanese citizens.

The reduction in excise taxes is one such of several measures implemented by the Government since assuming office.

Energy Conference and Supply Chain Expo seeking to highlight more opportunities for Guyanese in Oil and Gas

Jan 30, 2024

Minister of Natural Resources, Vickram Bharrat believes Guyana has made significant leaps and bounds since the 2023 Energy Conference.

At a press conference this morning on this year’s conference which will take place from the 19th to 22nd February, the Natural Resources Minister said this year’s event will provide additional opportunities to Guyanese businesses across the various sectors.

“By the time of the conference on the 19th of February, we will be producing comfortably at 600,000 barrel per day average. At the last energy conference, we were about 380,000 to 390,000 barrels per day. So, a lot has happened since the last energy conference to this one. And increase in production definitely spells opportunities – opportunities throughout the value chain, opportunities for the private sector in the provision of goods and services,” Minister Bharrat said.

The Natural Resources Minister said the Guyana Energy Conference and Supply Chain Expo will create an ideal platform for small, medium and large-scale businesses and companies to network and build partnerships.

Minister Bharrat said since the Local Content Act was brought into effect in December 2021, there has been an increasing number of joint venture partnerships involving local and foreign companies seeking to tap into the booming oil and gas Industry, as well as other related industries.

He said “since then, we have seen the smooth implementation of the legislation by Local Content Secretariat, and what we have witnessed is a number of joint ventures, partnerships between international investors and our local private sector, and that was the objective of having a Local Content Legislation”.

According to the Minister, given the growth in the industry; the Government is considering the possibility of increasing the number of services listed in Schedule 1 of the Local Content Act. Currently, the schedule caters for 40 services, and details what percentage of those services must be provided by Guyanese-owned and controlled businesses.

Chief Executive Officer (CEO) of the Guyana Energy Conference and Supply Chain Expo, Kurt Baboolall said in addition to the 30 sponsors currently onboard, the country’s premier energy conference has already attracted 200 exhibitors, and hundreds of delegates from 19 different sectors across 21 countries.

He said the Energy Conference and Supply Chain Expo will cover a range of topics, including “Shaping the Future of Energy; Trends and Challenges; Best Practices; Building Resilience in the Global Supply Chain; and Growth and Collaboration – Strategies for Emerging Economies, among others, and Guyanese, he said should seize the opportunity”.

“The way that we have built out the event is that there is access to participate from every level from small businesses to even entrepreneurs, self-employed persons, SMEs to families because it is a family-oriented event. But you can participate by just purchasing a $1000 for an exhibition ticket, come in with your business cards, come in with your proposals, come in with your CVs. There are 200 exhibitors, who are there to interact with you. So, I do believe there is opportunity for every person at different level. There are opportunities for our sponsors, there are opportunities for our exhibitors, there are opportunities for our delegates, and there are opportunities for the persons coming into the exhibition,” he explained.

The President of Guyana, Irfaan Ali; the Prime Minister of Trinidad and Tobago, Dr Keith Rowley; the Prime Minister of The Bahamas, Philip Davis; the Prime Minister of Qatar, Sheikh Mohammed bin Abdulrahman bin Jassim Al Thani and the Minister of Industry, Energy, and Technology of Newfoundland, Canada, Andrew Parsons are among the growing list of dignitaries and world leaders, who are expected to join a long list of industry experts, policymakers and foreign officials at the conference next month.

Director of the Guyana Office for Investment (GO-Invest), Dr Peter Ramsaroop; Chairman of the Private Sector, Komal Singh; and GTT’s Chief Operations Officer, Orson Ferguson were among the other officials present at the press conference, offering their wide-ranging support for the upcoming event.

 

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Guyana Energy Conference and Supply Chain Expo will become premier event of this hemisphere- Minister Bharrat

Jan 30, 2024

Natural Resources Minister, Vickram Bharrat believes the Guyana Energy Conference and Supply Chain Expo, billed for the Marriott Hotel from February 19-22 under the theme “Fuelling transformation and modernization”, is well on its way to becoming the premier event of this hemisphere.

During a press conference on Monday at the Marriott Hotel, Minister Bharrat was part of a panel that shared insights into the importance of the event and how preparations are coming along. Minister Bharrat said government is pleased to lend its support to the event, noting that it provides opportunities for strategic partnerships. He said this aligns perfectly with the administration’s push for Guyanese to be in the driver’s seat of the nation’s developmental renaissance.

“…Since taking office in August 2020, we have emphasized the need to create more opportunities for Guyanese and their businesses. As a new oil-producing country, we took a significant step towards enacting the Local Content legislation. This move is substantial, considering that many countries, some with decades or even centuries of production experience, are still at the policy stage without concrete legislation,” the minister said.

With the establishment of Guyana’s Local Content Secretariat, Bharrat said the country has been able to ensure compliance with the new law while trapping millions of dollars in country. This news agency recently reported that since January 2022 to present, contractors, sub-contractors and licensees reporting to the Local Content Secretariat have recorded 3,938 local hires, of which 785 were made within the first six months of 2023. Of the total, 824 Guyanese were employed as plant and machine operators, 1,203 as professionals (accountants, lawyers, engineers, etc.), and another 485 as technicians.

Also in keeping with the Act, annual plans received from contractors, subcontractors and licensees, amount to an estimated US$721 million in procurement of goods and services and training. This is US$21M above the 2022 performance, which covered 40 categories of services. Current estimates suggest that US$518 million will be procured from Guyanese suppliers providing goods and services in 2023.

Minister Bharrat said, “While the implementation of the Local Content Law has allowed us to foster numerous joint ventures and partnerships and trap significant value in country…the Energy Conference and Supply Chain Expo will build on this.”

Guyana’s Chief Investment Officer at the Guyana Office for Investment (Go-Invest), Dr. Peter Ramsaroop also noted the importance of the conference in showcasing the numerous opportunities that are available for partnership in the oil and non-oil sectors. “From the theme of the conference alone and given its expanded focus of a supply chain expo, it is clear that we are a regional powerhouse with much to offer,” the Chief Investment Officer said. In this regard, he believes that Guyana is already demonstrating to the rest of the world that it is intent on being a model state by using its oil resources to fuel growth in agriculture and manufacturing with the onset of the gas-to-energy project.

Head of the Private Sector Commission, Komal Singh was also part of the six member panel. He noted that the PSC is excited to be a partner with the conference. As Guyana’s oil sector developments continue on an accelerated pathway, Singh underscored the need for the build out of a robust logistics hub. “We need to springboard to that because it will be key to supporting the gas-to-energy project when it comes on stream,” he said.

As for Chief Executive Officer of the Guyana Energy Conference and Supply Chain Expo, Kurt Baboolall, he said there are 30 sponsors onboard inclusive of ExxonMobil, Hess, CNOOC, GTT Logistics, Blue Waters, and Digicel. He said too that there are 200 exhibitors, with eight spots remaining. Baboolall also noted that there is guaranteed participation from over 21 countries along with representation from 19 sectors.

Guyana Standard understands that the agenda of the conference boasts over 66 distinguished speakers, including numerous world leaders who have confirmed their participation. These notable figures include Qatar’s Prime Minister Sheikh Mohammed bin Abdulrahman bin Jassim Al Thani; Suriname’s President, Chandrikapersad Santokhi; Trinidad and Tobago’s Prime Minister, Keith Rowley; and The Bahamas’ Prime Minister, Phillip Davis.

Representing Guyana will be President, Dr. Irfaan Ali; Vice-President, Dr. Bharrat Jagdeo; Natural Resources Minister, Vickram Bharrat; Senior Finance Minister, Dr. Ashni Singh; and Prime Minister Brigadier (Ret’d) Mark Phillips.

Pulitzer prize-winning author and renowned energy and economic expert, Daniel Yergin, will also be attending.

The conference also promises a series of thought-provoking panel discussions alongside enlightening presentations from oil companies and a special segment dedicated to youth engagement.

 

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