Several joint ventures facilitated during GIPEX – event deemed a success by organisers

DPI, GUYANA, Friday, February 9, 2018

Five local companies announced their partnerships with regional and international companies during the inaugural Guyana Petroleum Business Summit and Exploration (GIPEX).

Chief Executive Officer (CEO) of Guyana Office for Investment (GO-INVEST), Owen Verwey, said many of these joint venture (JV) partnerships “have either been fully evolved or near that stage of evolving”.

He was speaking at a presser today, announcing the JV that was established by School of the Nations and a Canadian company, Learn Corps, on the sidelines of GIPEX. Today is the final day for the summit which began on Wednesday, February 7. It was held at the Marriott Hotel, Kingston, Georgetown.

Verwey pointed out that JVs were established between companies in the education, laboratory, medical and in the mechanical and engineering design sectors.

Meanwhile, Chairman of the Private Sector Commission (PSC), Eddie Boyer, noted that the organization has had “a great success meeting a number of” industry operators, such as Chevron, and players during the course of the summit and exhibition.

The PSC leader noted that several local companies engaged their international counterparts in JV and other discussions. “It’s been an experience. Over the last two days I think the Guyanese businesses have learned a lot,” Boyer added.

Boyer said the important take away from these discussions is a caution on how to invest in the emerging oil and gas industry. “One should not build or invest in anticipation and I think that is something our businesses should look at,” he said.

The PSC Chair also cautioned local business not to harbour ideas of entitlement from the industry, especially when bidding for projects. “You need to be more secure in your businesses. I’m cautioning people that they must ensure they understand this oil industry.”

GIPEX 2018 was hosted by the Minister of Natural Resources. GO-INVEST was the lead organizing agency and ExxonMobil was the strategic partner. The aim was to facilitate awareness of the industry, networking and capacity building between potential investors and local companies.

Verwey noted that the inaugural event was a “great success” praising the partnership with organizer Valiant Business. Managing Direction of Valiant, Shariq AbdulHai, said there has been positive feedback from companies and participants.

A total of 600 delegates including some 200 companies, both local and international, participated in the business summit and exposition.

GO-INVEST will be creating a database to ensure that participants can remain in contact after the summit. Ministry of Natural Resources representative, 25 percent of the proceeds will go towards the education fund.

 

By: Tiffny Rhodius

 

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