Govt wants oil companies to do well, but insists Guyanese must share in prosperity – Jagdeo

(InewsGuyana ) The Government of Guyana wants oil companies operating here to be successful, but at the same time Guyanese must be able to enjoy maximum benefits from the sector as well; and this is the approach that will be taken moving forward in relation to the way the sector is managed.

Vice President Bharrat Jagdeo firmly expressed this view during a recent local radio programme ‘Guyana’s Oil and You’.

According to Jagdeo, the Peoples Progressive Party/ Civic (PPP/C) made certain commitments during the political campaign and will do what it takes to ensure that those promises are fulfilled.

“The whole philosophy is; we want the oil companies to prosper, but Guyanese have to share that prosperity. If we don’t then we might as well shut down the sector,” he declared.

In this regard, the Vice President disclosed that the Government will be moving to have stringent local content legislation in place by year-end that would seek to ensure that Guyanese citizens and companies have equal access to the opportunities that are afforded.

“We made it clear to ExxonMobil; this is not a new position…that we intend to pass Local Content Legislation, which the previous government did not do, which will force oil companies to ensure that they address the issues that are of pressing nature to our business community and ordinary people,” he lamented.

Jagdeo expressed that enough has not been done to allow Guyanese to benefit from the developments that are taking place and in this regard, the government will seek to engage the oil companies very soon.

The Vice President further indicated the new legislation will make it mandatory for companies such as ExxonMobil to ensure that even their subcontractors strictly adhere to local content requirements.

“They will have a responsibility to ensure that their subcontractors also observe rigidly the provision of the legislation in relation local content,” he warned.

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