New Guyanese consortium acquires stake in Newrest Guyana

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Guyanese Achieving Together Enterprises (GATE), a consortium of local catering and food service operators, has purchased a substantial equity stake in Newrest Guyana, the country’s premier offshore caterer and food supplier to the oil and gas sector.

This acquisition comes in the wake of a call from President Dr. Mohamed Irfaan Ali in 2022 for the formation of local consortia to stimulate local participation in Guyana’s rapidly flourishing oil and gas sector. Heeding the call, the Ministry of Natural Resources organised a meeting with local catering and food service operators last year, culminating in the establishment of GATE.

Following a thorough evaluation of several potential options, GATE commenced negotiations with Newrest Guyana in November 2022. Newrest Guyana was keen to amplify its local content credentials and viewed GATE as the ideal ally to fulfil this aspiration.

The strategic alliance promises mutual collaboration aimed at enhancing catering and stewarding services for the oil and gas sector. Moreover, the consortium plans to cooperate closely with local suppliers, aiding them to enhance their capacities and secure the required certification to supply high-quality inputs to Newrest Guyana.

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“We are elated to form part of the company and this is a significant demonstration of what local companies can achieve when they pool their resources,” said GATE Secretary, Clinton Urling. He added that GATE will explore the possibility of undertaking additional commercial projects aimed at promoting the catering and restaurant sector in Guyana.

The collaboration signifies a critical advancement increasing local penetration of the oil and gas value chain. Through this partnership, GATE and Newrest Guyana said they plan to enrich not only the food service industry for the oil and gas sectors but also cultivate a more inclusive and robust local business environment.

Newrest Guyana is a subsidiary of the French-based Newrest Group International, which operates globally, providing catering and food services across all catering and related hospitality segments. 

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