The Exxon impact – Oil giant pumps over $10BILLION into local companies  

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Oil major ExxonMobil has pumped over GY$10BILLION into the local economy for 2017 and the first quarter of 2018. This was revealed in the quarterly reports.

Caterers, IT specialists, machinists and graphic designers are among the 227 locally owned companies benefiting from the activities of ExxonMobil in Guyana in 2018.

In the 1st quarter of 2018, ExxonMobil’s activities utilized 262 suppliers registered in Guyana, 227 of which are Guyanese-owned. Thirty-five are foreign-owned or CARICOM suppliers registered locally. A massive GY$2.8BILLION has been spent with Guyanese suppliers from January to March this year.

And the Exxon Impact is not limited to large corporations. In fact, the majority of the suppliers listed are categorised as small businesses. For example, there are 15 catering/restaurant companies, two small bottled water providers, several machinists and four graphic design firms.

All of the daily newspapers are selling advertising space to ExxonMobil and its affiliates. From medical services, trucking to security to real estate rentals the whole spectrum of the Guyanese private sector is becoming a vital part of an industry that will see the nation’s GDP double in the next few years.

It was a point made in a statement last week by ExxonMobil’s Senior Director, Public & Government Affairs, Kimberly Brasington: “We take building local content seriously and have demonstrated that through action and capacity building. We want Guyanese suppliers to be a part of the industry.  Esso Exploration and Production Guyana Limited, ExxonMobil’s affiliate in Guyana, and its contractors continue to expand local content efforts through supplier utilisation.”

In 2017, ExxonMobil Guyana and its contractors together utilised 348 Guyanese registered suppliers spending a total of $8 BILLION.  309 of those companies are Guyanese owned.