Pres. Ali warns oil companies against excluding Guyanese from business opportunities

His Excellency Dr. Mohamed Irfaan Ali has warned international oil companies and their sub-contractors against excluding Guyanese from opportunities in the industry. 

He made the comments during an address at the launch of Saipem’s offshore construction facility at Water Street, Georgetown, on Saturday.

“Don’t second guess. I am telling you openly. It will not go down well; whether you are a subcontractor or not, it will not go down well. You will push us to change our policy,” Dr. Ali said. 

The President said for generational wealth to be created, Guyanese must be given business opportunities once they are capable and competitive. He said investors should embrace that principle as part of their internal corporate value system. 

Dr. Ali added that no one should say they need a foreign logistics firm to do brokerage services, hire taxis or undertake rentals because the very foreign firms will come to Guyana, own 20 properties and do the rentals themselves. 

He pointed to businessman Robert Badal’s investment in a state-of-the-art corporate office and hotel facilities, saying that investors should utilise services available locally rather than going overseas.

Further, the President related a recent exchange with an investor who noted that the draft local content legislation looks “tough”. He said he reminded the investor that neighbouring Trinidad and Tobago has prevented investors from purchasing or owning land. 

“Right now, we have an open position, there is no discrimination, but we will have to ensure in this openness Guyanese are owning the facilities to be rented, and Guyanese are owning the opportunities to invest in those facilities.” 

Dr. Ali also said local content includes providing jobs and training. On that note, he thanked Saipem for the training it has provided for Guyanese since fabrication is an essential aspect of the development of the oil industry.