GMSA, PSC pushes for local businesses to benefit more in oil sector

The Private Sector Commission (PSC) and Guyana Manufacturing and Services Association (GMSA) have stepped up calls for the local businesses to be given more opportunities in the expanding oil and gas sector.
“The Private Sector Commission and Guyana Manufacturing and Services Association looks forward to local businesses being given opportunities to participate in the oil and gas value chain considering that the sector is poised for significant growth in the coming years,” PSC and GMSA said yesterday in a joint statement.

Key to this, the private sector bodies noted will be meaningful local content and greater transparency in procurement opportunities through unbundling, which involves offering products or services separately, that had previously been packaged together.
In addition, the private sector bodies stated that moving away from sole sourcing is another integral way to achieve this, “so that local businesses can be part of the value chain either directly or through partnerships and joint ventures.”
“This is especially the case for mega projects that are expected in the coming years,” the joint statement said.

The GMSA and PSC noted, too, that it looks forward to working closely with Government to urgently put in place the framework and enabling environment to facilitate this.
Only last month, Minister of Natural Resources, Vickram Bharrat, received the final report of recommendations from the local content advisory panel, which was appointed late August.
That panel consists of Chair, Shyam Nokta; former Foreign Affairs Minister, Carl Greenidge; former Energy Minister of Trinidad and Tobago, Kevin Ramnarine; along with former Chairman of the Public Service Commission (PSC), Carvil Duncan.

Also sitting on the panel are Floyd Hayne and Energy Expert and International Consultant, Dr. Anthony Paul.
That report was handed to President Irfaan Ali to provide guidance on the way forward. The report outlines several recommendations towards improvement of the country’s policies and legislation.
GMSA and PSC are two of the prominent business bodies in Guyana.