–President Ali tells Shipping Association members

AS government works assiduously to expand the economy, President Dr. Irfaan Ali has said that the auction of 14 new oil blocks will create a “wave of opportunities” for those in the maritime sector.

President Ali was at the time addressing the Shipping Association of Guyana’s 10th Annual Gala Dinner and Ball, which was held on Friday evening at the Pegasus Suites and Corporate Centre.

He said that in order to ensure everyone benefits, “we have to quickly modernise our laws in keeping with a national standard”.

He disclosed that the Attorney-General, the Maritime Administration Department (MARAD) and other persons are working to ensure that the legislative and regulatory framework is in place to ensure development in the maritime sector.

“I’ve seen many proposals in the last two years from huge companies talking about the development of a national shipping company; showing you all the numbers as to how viable it would be, knowing what could come out of the value-added products from oil and gas, the development of fertilizer plants, agrochemicals,” President Ali said.

He said that a collective effort is needed if this is to be realised.

“Why is it we can’t sit together at the table to see whether maybe this is a model in which we can raise capital from our diaspora, from the local population, from local equity fund, and maybe look at the building of an indigenous national shipping company,” he added.

President Ali said that the country has enough capacity to provide a catering service for companies such as Exxon.

“What we don’t have is the management and logistics part to support it, so we brought together a consortium. And from what I’m told, the very company who had the contract, the French company (Vallourec) has joined the consortium. When we start thinking broadly and stop thinking narrowly, the real opportunities and real business prospects will come to us as our fortunes,” he said.

According to the President, “By the grace of God”, those fortunes are expanding, especially with the first auction for the development of 14 new oil blocks in deep water and shallow water.
“That will bring with it a new wave of activity, terrain exploration, and a new wave of opportunities,” the Head of State said, adding:
“We are pursuing an oil-and-gas sector while simultaneously pursuing a development trajectory that will have us be net zero even with the development of oil and gas. This is not contemplated anywhere in the world; we have the greatest investment in oil and gas, and simultaneously. We are the leader once again in the world…,” the President said.

He also highlighted the importance of the “blue economy”, which seeks to balance human well-being, social equality, and environmental sustainability.
He said that Guyana is in a great position, especially with its emerging oil-and-gas sector.

“If you look at what is happening to the shipping industry, there is great conversion in the fuel they are using; most of the cruise liners are converting the fuel they’re using. Guess what? Guyana will be producing that,’ President Ali added.

However, he said that one of the plans would entail Guyana positioning itself to be a “refuelling hub”, and this is where the development of a national shipping company would come into play.
“When I speak about the national shipping company, I’m talking about tankers taking this fuel out there to refuel the cruise liners; the ships. The blue economy brings with it challenges, but it brings with it opportunity. We cannot build the shipping industry or a maritime industry outside of the construct of the blue economy, because you are not going to build an industry that is sustainable and functional in 2030 and beyond,” he said.

He added that everything must be done in line with what is required, in keeping with the standards set for the development of the “blue economy”, so as to ensure the sustainable use of ocean resources for economic growth, improved livelihoods, and jobs while preserving the health of the ocean ecosystem.