The Centre for Local Business Development, in partnership with the Greater Guyana Initiative, will host an in-person session titled ‘Understanding Invoicing in the Oil & Gas Industry’ on August 18.
The event, which is part of the Centre’s ‘Managing Growth: Community Business’ Talk series, will run from 10 am to 12 pm, with registration and networking beginning at 9:30 am.
The session is aimed at local businesses seeking clarity on invoicing procedures within the oil and gas supply chain. RSVPs are required by August 16, via the registration link shared by the Centre. The event is for businesses only.
The topic remains a key focus area for government and oil companies, which have been working together to resolve ongoing challenges local suppliers face in receiving timely payments.
Currently, the standard payment window for oil companies is 45 days following receipt of a correct invoice. This timeline, though improved from previous months-long delays, has been deemed too long by President Irfaan Ali and remains a concern for local suppliers.
Director of the Local Content Secretariat, Dr. Martin Pertab, has said the government is pushing for payments to be made within 21 days.
One solution developed to ease the burden on suppliers is invoice factoring – a financial mechanism that allows businesses to sell their invoices to third-party financiers at a discount in exchange for immediate cash flow.
One local bank has already introduced this mechanism.
