–President Ali says progress of company will be tracked to ensure locals benefit adequately

GUYANA’S GuySons Engineering has teamed up with US-based K&B Industries to construct a US$35 million manufacturing facility at Enmore, East Coast Demerara, paving the way for the creation of over 500 jobs.

The joint venture company, GK+B Industries, will be offering tubular goods, premium threading and accessory services as well as turn-key manufacturing solutions.

This latest development was announced, on Wednesday, during a press conference held at the Marriott Hotel, where the 2022 International Energy and Expo is ongoing.

Present at the ceremony were President Dr. Irfaan Ali; Senior Minister in the Office of the President with responsibility for Finance, Dr. Ashni Singh; GK+B’s Chief Executive Officer, Faizal Khan and Founder of GuySons Engineering, Kadim ‘Kads’ Khan.

President Ali, during his address, said the initiative is a result of the government’s holistic approach to developments within the oil and gas sector.
The President related that the development is indicative of how high-level engagements and discussions, such as those taking place at the International Energy Conference and Expo, result in initiatives that benefit the ordinary Guyanese, even at the grassroots level.

“For the benefits to come, we must do what we do at the high level, at the technical level… we have to meet the ambassadors, we have to meet the international investors because that is where the hard work of negotiating the opportunities is at. Then ultimately who benefits? It is the people in these communities,” the President said.

Though 500 jobs will be created over the next five years, the company is committed to immediately employing 150 persons this year, with an initial investment of US$7.5 million for the creation of a processing facility.

The company has already started the process of capacity building for its local workforce, including training of staff at facilities in the USA and Trinidad and Tobago.

President Ali said that the progress of the company will be monitored, as it has given particular commitments to contribute to the development of surrounding communities.

“The company has signed on to a number of commitments and milestones that have to be met as we move forward. The jobs, the investments that has to be done, the types of changes we have to see this graduate. So, it’s going to be monitored by NICIL, by the Ministry of Finance and Go-Invest,” President Ali said.

Minister Singh, in his remarks, said that the partnership is a manifestation of collaborations between local and international companies that the government has been constantly encouraging.

“This partnership represents a good example of what can be achieved through the spirit of the local content framework that we have established, leveraging local and overseas capital expertise. This partnership is what we would like to see multiplied and replicated many times over,” Dr. Singh said.

In 2017, GuySons Engineering formed GuySons Oil and Gas to capitalise on the abundance of opportunities locally. In 2019, the company secured two contracts with ExxonMobil for engineering and staffing services, while the partnership with K&B Industries was formulated in 2020.

K&B Industries, which was founded in 1974, supplies OCTG tubular threading services, machining, manufacturing and assembly services for the oil and gas industry, and is also a global supplier of high-precision machining, manufacturing and assembly services for the aerospace and semi-conductor industries.

Speaking on behalf of K&B Industries, Vice-President of Sales, Nick Becnel, said: “We are very grateful and honoured to be a part of the next chapter of Guyana’s growth. Through our partnership with GuySons, we are now committed to offering in-country solutions to support Guyana’s growing energy sector for decades to come… to be successful, we plan to invest in the community and more specifically the Guyana people.”