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Friday, October 30, 2020

Finance minister urges GUYOIL to prepare for O&G opportunities

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Guyana’s finance minister Winston Jordan has urged the Guyana Oil Company (GUYOIL) to prepare itself to capitalize on opportunities in the South American country’s burgeoning oil and gas sector as preparations ramp up for oil production commencing in early 2020.

The minister was speaking on Friday at the opening of a new GUYOIL lube bond and office facility at the company’s Providence complex on the East Bank of Demerara.

“As a company with many years of experience in the downstream value chain, GUYOIL must take advantage of new business opportunities that will arise, so that the company can benefit directly from the country’s oil sector,” said Jordan.

He said that the company must also prepare itself to move beyond its current role of stabilizer of domestic prices, towards participating in the re-distribution of the country’s oil wealth to the society, in general, when oil production starts.

“You must become an industry leader, going where others fear to tread, thereby helping the Government to bring equity to the Regions and communities. You will need to expand your facilities, build capacity and acquire new skills, where necessary,” he said.

The minister pointed out that increased economic activities have precipitated a significant rise in the number of vehicles entering the country. “The standard of living of Guyanese will continue to improve, as the country is poised for high and sustainable growth levels. This growth will translate into more motor vehicles being imported for private and commercial purposes, among other things,” he said, directing his comments to the Board and management of GUYOIL.

He added that with oil production, government plans to diversify the economy, to develop the indigenous and new economic sectors, in order to avoid becoming heavily dependent on the petroleum resources.

“These developments will have implications for the services offered by GUYOIL. Therefore, you should prepare adequately to respond to the changing needs of your customers,” he urged the company.

Having been in existence since June 1976, GUYOIL is involved in the importation, storage, distribution and marketing of motor gasoline, gasoil, kerosene, fuel oil and lubricants.

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