Robust legal regulatory framework to manage oil and gas – Pres. Granger

— ‘expect transparency’

— GIPEX 2019 Summit opens in Georgetown

DPI, Guyana, Wednesday, November 20, 2019

Guyana welcomes further investment, both in the petroleum industry and in emerging green economy says His Excellency, President David Granger.

His Excellency, President David Granger.

Prime Minister, Hon. Moses Nagamootoo cuts the ribbon to officially open GIPEX 2019. He is flanked by Finance Minister, Hon. Winston Jordan [4th from left] Public Security Minister, Hon. Khemraj Ramjattan [3rd from left] and GO-Invest, CEO Owen Verwey [extreme right]. [From left] Minister within the Ministry of Infrastructure, Hon. Jaipaul Sharma, Foreign-Secretary Carl Greenidge, Business Minister, Hon. Haimraj Rajkumar, Public Infrastructure Minister, Hon. David Patterson and Director of the Department of Energy, Dr. Mark Bynoe.

Speaking via video message during the opening of the 2019 Guyana International Petroleum Exhibition (GIPEX). The Head of State said the government is keen to ensure conditions which encourage increased local content and which promote more partnerships between local and foreign investors.

“Guyana is being prudent about managing its emerging petroleum industry. It is seeking the best advice and assistance and adopting the best international industry practices. It will establish a robust institutional legal and regulatory architecture to manage this industry in a manner which will ensure transparency,” President Granger stated.

Through this transparency, the president says the best interests of the country and fair returns for investors and businesses will be secured.

In welcoming all the participants to GIPEX 2019, His Excellency noted that the exhibition is a demonstration of the country’s interest in the emerging petroleum industry.

“The Government of the Cooperative Republic of Guyana is committed to ensuring an enabling environment for investment… The emerging petroleum industry is an exciting economic and enterprising development.”

With respect to Guyana’s Green State Development Strategy (GSDS): Vision 2040, President Granger said it’s a development roadmap for the next twenty years which aims for an inclusive and prosperous Guyana that provides a good quality of life for all its citizens.

“Based on sound education and social protection, low-carbon and resilient development, providing new economic opportunities, justice and political empowerment,” the Head of State noted.

He said the GSDS recognises the catalytic impact which the petroleum industry will have on the country’s economy.

“Including, providing it with the opportunity to shift its development path, modernise its economy and transform the lives of its citizens.”

President Granger was also adamant that Guyana will employ its petroleum industry revenues to strengthen the traditional pillars of the economy, extend and improve its infrastructure, diversify the economy along a green trajectory of development and enhance, further, its human resources and institutional capacity.