…Min. Jordan urges Guyoil to realign for oil and gas industry

MINISTER of Finance, Winston Jordan, urged the Board and Management of the Guyana Oil Company to realign itself towards playing a role in Guyana’s oil and gas industry.

Speaking on Friday at the launch of a new GUYOIL facility at Providence on the East Bank of Demerara, he urged the company to take advantage of the new business opportunities with the emerging oil and gas sector.
“You all are aware, that the impressive developments in the petroleum industry in Guyana are attracting global attention,” he said. “Foreign investors on a daily basis are coming to Guyana, as they seek to participate in the new oil discovery. 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 the minister.

According to Jordan, GUYOIL must also prepare itself to move “beyond its current role of stabiliser 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,” urged the minister.
Jordan said 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,” said Jordan.

He noted that with the production of oil, the government’s plan is 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 said.