Energy Dept. promises draft Local Content Policy by year end

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Director of the Department of Energy, Dr. Mark Bynoe has assured that the Department is working to put in place a Local Content Policy “long before first oil.”

Dr. Bynoe, along with Oil and Gas Advisor, Mathew Wilks on Thursday held their first press conference since assuming office.

Dr. Bynoe noted that sufficient consultations were held with the Private Sector and the aim is “to take the points they would have raised and input that into the second draft and so finalise – before the end of the year.”

He disclosed that the Energy Department is in the process of recruiting a Consultant to finalise the draft local content document.

From that document, a White Paper will be prepared and presented to the National Assembly.

One of the areas to be promoted in the policy is the need for joint ventures- something which the Director of the Energy Department said will not only help to build local firms but also mitigate risks of investors pulling out.

He added that joint ventures will also “ensure that a framework via which we can capture the benefits accruing to Guyana in jobs and revenue derived.”

Meanwhile, as it relates to a review of the current legislative framework governing the energy sector, Dr. Bynoe said the first presentation will be made to the Department and finalized before the end of the year.

The Georgetown Chambers of Commerce and Industry (GCCI) earlier this year created its own draft Local Content policy which it has submitted to the Government.

The document was submitted to President David Granger, Minister of Business Dominic Gaskin, Attorney General Basil Williams as well as the Leader of the Opposition, Bharrat Jagdeo.

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