Local-foreign partnerships crucial for mutual benefit in Guyana’s oil, gas sector
As Guyana strives to balance local content priorities with fostering a conducive business environment for foreign investment, Minister of Natural Resources, Vickram Bharrat emphasised the potential of strategic partnerships between local and international companies to drive mutual growth in the oil and gas sector.
He made these remarks during the launch of GPEC Energy Products Inc, a local content-certified provider of technology and engineering solutions, on Tuesday at the Marriott Hotel in Kingston, Georgetown.
Minister Bharrat applauded GPEC for the confidence it has placed in Guyana’s economy, assuring that this confidence is not misplaced.
GPEC boasts strategic partnerships with several foreign establishments, including the United Kingdom’s KLINGER Integrity Services and Oliver Valves, as well as France-based Veolia, which specialises in environmental services.
Minister Bharrat praised this partnership model that brings together international and Guyanese businesses, which he said can serve as a model for future investments.
“We are here launching a company with several foreign companies joining together with local companies so that we can bring benefits to Guyana [and] investors can benefit. And I think that is the perfect model for any country to move forward,” he said.
The natural resources minister assured that partnerships of this nature will receive government support, as they are geared to propel Guyana’s development.
“We have always said that any partnership must be a win-win partnership. It must be a partnership of mutual respect and mutual benefit at the same time. And once that is the scenario or the case, our government will support it 100 per cent,” he asserted.
Pointing to the landmark local content legislation, Minister Bharrat explained that the law was not designed to deter foreign investment, but rather to ensure mutual benefit.
According to the minister, continuing this collaborative approach with investors can build confidence in the country’s economy.
The Local Content Act establishes baseline requirements for foreign and local firms operating in the country’s oil and gas sector to hire Guyanese and source local materials.
The law will soon undergo a comprehensive review that will allow for even greater reach and opportunities.
Through this process, the government will evaluate what additional services can be added to the list for local content providers, and how the existing services outlined in the act can be expanded.
GPEC Energy Products (Guyana) is a premier distributor of engineered equipment to meet the rigorous demands of Guyana’s industrial growth. The company specialises in pipeline and flowline products, providing customised solutions that ensure optimal performance and reliability.
It emphasises a commitment to hiring local talent, sourcing materials from local suppliers, and partnering with Guyanese businesses.
Minister of Tourism, Industry and Commerce, Oneidge Walrond; President of ExxonMobil Guyana Ltd, Alistair Routledge; private sector representatives and other officials were also in attendance.