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‘You cannot spend taxpayers’ dollars on major projects without a feasibility study’ – AFC Leader Hughes Jul 09, 2024 News AFC Leader, Nigel Hughes Kaieteur News – In strong criticism of the government’s initiation of major projects funded by taxpayers’ dollars, especially those financed by oil proceeds, Alliance for Change (AFC) leader Nigel Hughes has stressed the crucial importance of conducting feasibility studies before undertaking such ventures. At his first press conference since assuming leadership of the party, Hughes condemned the Government of Guyana’s decision to pursue major projects without adequate feasibility assessments. Responding to a question about the Government embarking on a second major gas project while the US$2 Billion Gas-to-Energy (GTE) project is still to commence, Hughes articulated his concerns, stating, “In this country we have to legislate because we don’t seem to follow international norms. There is no major project that this country should undertake without a feasibility study. It is absolutely irresponsible and reckless and therefore, first project second project or any project, you cannot come to the people of Guyana, spend their money without a feasibility project. We will not have a repeat of that fiasco that is the skeleton factory.” To that end, Hughes reiterated the AFC’s opposition to using the Natural Resource Fund (NRF) proceeds for projects lacking feasibility studies, citing it as reckless.  “We will oppose that locally and we will take it internationally because it is a reckless use,” he said. The Government’s current flagship project, GTE initiative, is poised to become Guyana’s first natural gas venture. Set to be located in Wales, West Bank Demerara, the project aims to generate 300 megawatts of power and produce 3,400 barrels of by-products daily, including cooking gas and fuel derivatives. At one of his recent press conferences, Vice President Bharrat Jagdeo, clarified that despite the government vigorously pursuing the monetization of the country’s untapped gas resources through a second major gas project, they currently have no plan to provide financial backing for the initiative. A U.S.-based firm, Fulcrum LNG proposal which includes partnerships with leading companies like McDermott and Baker Hughes, emerged as the preferred choice after a rigorous evaluation process. President Irfaan Ali had disclosed that Fulcrum LNG was selected to collaborate with ExxonMobil Guyana Limited (EMGL) and the government in a tripartite agreement to monetize the gas resources. “This is a risky project because it’s a multi-billion-dollar project,” Jagdeo said. Vice President Jagdeo underscored global market uncertainties and potential shifts in U.S. energy policies as other reasons for the cautious approach. He said, “We are not sure about future demand for gas although many people believe that it will be replaced, it will still be needed long into the future since it will be a transitional fuel, and therefore the demand will still be high.” Notwithstanding the uncertainty Jagdeo said, “We want to monetize this, so that we [can] add to the revenue stream that comes from the production of oil, another stream of revenue that comes from the utilization of our gas reserves.” Related Similar Articles

Bodies of friends who drowned at Unity Beach recovered Jul 09, 2024 News Kaieteur News – The bodies of 20-year-old Navin Seenauth and 17-year-old Daniel Boodram, two friends were on Monday afternoon found floating in the Atlantic Ocean in the vicinity of Unity Beach, Mahaica, East Coast Demerara (ECD), one day after they went missing. Navin Seenauth Daniel Boodram Police reported that around 14:45hrs on Monday, a search party found the body of Seenauth, at about 800 meters in the Atlantic Ocean in the vicinity of Unity Beach. The body surfaced with what appears to be fish bites on the upper and lower lips and right eye. Boodram’s body was also sighted not far away, and was later fished out. The youth’s bodies were transported to Memorial Gardens for storage, pending a Post-Mortem Examination (PME). Kaieteur News reported that on Sunday night a search operation was underway for Seenauth and Boodram, who disappeared while swimming at Unity Beach. Reports indicate that the duo and another friend, Joshua Deonarine, a 17-year-old from the same village went swimming on Sunday afternoon. Deonarine recalled that the water was inshore with heavy waves upon their arrival. Despite the conditions, they proceeded to swim. “Deonarine, who cannot swim, exited the water after approximately half an hour, since the water was about chest height,” the Ministry of Home Affairs said. After getting dressed, he reportedly noticed that his friends were no longer visible in the water. He searched for them but to no avail and subsequently returned to the village to raise the alarm. Related Similar Articles

Girl, 9, hospitalized after stepfather attempts tries to kill her with chopper Jul 09, 2024 News Kaieteur News – A nine-year-old girl is nursing a chop wound on her left arm after her stepfather tried to kill her on Sunday. The child was chopped with a chopper. The chopping occurred at their West Coast Demerara (WCD) home. The victim’s mother identified the suspect as Elroy Persaud. She claimed that after her daughter’s father died she met Persaud and moved in with him. The woman said that the relationship went well for some time but then Persaud started treating her and her daughter badly. The woman said she and Persaud had a heated argument. He then went outside and called for her daughter and allegedly told her that she must die too like her father. Persaud reportedly armed himself with a chopper and chopped the child on her left arm. He attempted to chop her about her body but the child managed to run away from him before he could chop her again. Police said that the suspect then left the home and made good his escape. The victim was subsequently rescued and rushed to a hospital where she remains admitted. Related Similar Articles

Passengers rob taxi driver at gunpoint Jul 09, 2024 News Kaieteur News – A taxi driver was on Sunday robbed at gunpoint by two men who hired him for a trip to Meadow Brook Drive, Georgetown. The taxi driver was identified as Roel Shepherd and according to police he was robbed of his $45,000 cellular phone, and $45,000 in cash at around 04:45 hrs The bandits reportedly entered Shepherd’s car at Bourda Market. He described them as men of African descent. One was clad in a grey tope, green jersey and black pants while the other wore a black jersey and black pants. The taxi driver recalled that one of the men sat in the front passenger side of the car while the other sat at the back of the vehicle. He said that when they arrived at Meadow Brook Drive, the man in the front passenger side of the car whipped out a gun and demanded that he handed over everything he had in his possession. Shepherd complied and gave them the money and his phone. The men exited the car and ran away while shooting at him. Luckily, he was unhurt. Investigations are ongoing. Related Similar Articles

NRF earned US$86M in interest in 2023 – Annual Report Jul 09, 2024 News Chairman of the NRF Board, Major General Ret’d, Joseph Singh Kaieteur News – The Natural Resource Fund (NRF) in 2023 generated an interest of US$86.8M, a substantial increase when compared with the returns earned in 2022. This information is contained in the 2023 NRF Annual Report, tabled in the National Assembly on Monday by the Senior Minister in the Office of the President with responsibility for Finance and the Public Service, Dr. Ashni Singh. According to the document seen by this newspaper, “Net return generated by the Fund totaled G$18,105.25 million (US$86.84 million) for the year 2023, a substantial increase of 396% (G$14,455.17 / US$69.33 million) over the previous year’s level on account of higher interest rates on overnight deposits during 2023.” An annual portfolio return of 4.824% was achieved by the Fund in 2023 compared with 1.581% in 2022. The 2023 NRF Annual Report states that Brent crude oil prices fell by 10.32% during 2023 moving from US$85.91 per barrel at the start of the year to US$77.04 per barrel as at the end of December 2023. Further, total barrels of oil produced by Guyana’s three Floating Production Storage and Offloading (FPSO) vessels totaled 142 million barrels during 2023 in comparison with 101.41 million barrels for 2022. Notably, as at December 31, 2023, the Fund accounted for inflows of US$1.6B during the reporting period, and represented an increase of 13.90% when compared with the inflows of US$1.4B for 2022. These inflows were deposited into the Natural Resource Fund account held at the Federal Reserve Bank of New York, with the exception of two profit oil payments for two lifts which occurred in December 2023, totaling US$148.91 million. These payments were received in January and February, 2024. Meanwhile, the report outlines that outflows in the form of withdrawals from the Fund totaled US$1,002.13 million in 2023, which reflected an increase of 64.92% (US$394.48 million) over the previous year’s level of U$607.65 million. Investment Mandate The Board of Directors of the Natural Resource Fund on June 26, 2023 approved the Investment Mandate of the Fund. It was determined that the funds would remain in the deposit account held at the Federal Reserve Bank of New York earning overnight deposits interest at the prevailing federal funds rate of 5.30%. The Board also agreed that the Bank will continue to monitor the overnight interest rate and inform the Chairman of any changes by the Federal Reserve Bank to consider redeploying cash. As at the financial year end, however, there were no changes to the Investment Mandate as the federal funds rate remained within the range of 5.25% – 5.50%. The Board of Directors of the NRF was appointed by President Irfaan Ali in August 2022. It is chaired by Major General Ret’d, Joseph Singh and has four Directors, Mr. Dunstan Barrow, Mr. Ramesh Dookhoo, Ms. Carolyn Rodrigues-Birkett, and Professor Compton Bourne. During Monday’s Sitting of the National Assembly, Dr. Ashni Singh also tabled the Public Accountability and Oversight Committee Annual Report for the fiscal year 2023. The 9-member Public Accountability and Oversight Committee is responsible for providing non-governmental oversight of the operations of the Fund. Its members include Clement Sealey, Chairperson (Nominee of the National Assembly); Pastor Wendell Jeffrey, Member (Representative of the Religious Community); Savitri Balbahadur, Member (Representative of the Religious Community); Abu Zaman, Member (Representative of the Religious Community); Desmond Sears, Member (Representative of the Private Sector); Ryan Alexander, Member (Representative of the Private Sector); Aslim Singh, Member (Representative of Organised Labour); Dawn Gardener, Member (Representative of Organised Labour) and Teni Housty, Member (Representative of the Professions). Related Similar Articles

49 contractors bid to construct Lusignan Market Jul 09, 2024 News Kaieteur News – Forty-nine contractors have submitted bids to construct the Lusignan Market located on the East Coast Demerara (ECD), the National Procurement and Tender Administration Board (NPTAB). The Ministry of Public Works is the executing agency and according to NPTAB, the ministry is not only seeking a contractor to build a market space for the vendors but to also construct a sanitary block there. According to the ministry’s engineer, the project is estimated to cost $123,954,810. This publication understands that in March, President Irfaan Ali visited the market area and listened to the vendors’ concerns. It was after that visit that Minister within the Public Works Ministry, Deodat Indar and other officials visited the market and announced that plans are underway to execute works that will facilitate the market’s activities. It was reported that several markets, including Parika, Mon Repos, Leonora, Hydronie and Charity are being rehabilitated to ensure vendors have a conducive area to ply their trade and that the environment is safe for customers. This year, the government has allocated $1.2 billion towards improving market facilities and would see works being done to the Corriverton, Kumaka and Suddie markets, to name a few. Below are the companies and their bids: Ministry of Public Works Construction of Lusignan market and sanitary block. Georgetown Public Hospital Corporation (GPHC) Supply and delivery of stationery supplies. Ministry of Home Affairs Procurement of non-lethal devices at the Guyana Prison Service. Supply of paint and ironmongery materials at Guyana Prison Service. Ministry of Education Provision of consultancy services- Technical and Vocational Education Training Integrated Digital Platform. Ministry of Culture, Youth and Sport Supply of meals for the Georgetown Training Centre. Guyana Water Inc. Construction supervision consultant – Water Supply Improvement project Lots 1 to 9. Related Similar Articles

NTC Conference set for August 19 to 23 Jul 09, 2024 News Newly elected Toshaos of Region Nine. (Photo courtesy, RDC Region 9) Kaieteur News – The National Toshoas Council (NTC) Conference will be held from August 19-23, 2024, Minister of Amerindian Affairs, Pauline Sukhai announced on Friday. Minister Sukhai was at the time speaking at a Regional Toshao’s Conference for village leaders in Region Nine. “The NTC meeting will take place this year, you’re new Toshaos, you’re returning Toshaos it will take place in August. NTC Chair (Toshao Derrick John) is here we have had collaboration and consultation on the dates…But if I am to let the cat out of the bag, it’s going to be in August around the 19th to 23rd,” she told the hinterland leaders. This year approximately $100 million from the national budget has been set aside for the NTC Conference. The Toshaos’ conference gives village leaders from all across the country a forum to engage the President and government ministers and expand development acute to Amerindian. The conference also gives Indigenous leaders a platform to raise concerns and challenges affecting them. Related Similar Articles