Guyana now expects economic growth at 57.8%; producing 350,000 barrels of oil per day

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Former Member

Guyana now expects economic growth at 57.8%; producing 350,000 barrels of oil per day

By Editor On Jul 10, 2022 Last updated Jul 10, 2022 -- Source -- News Room -- https://newsroom.gy/2022/07/10...rels-of-oil-per-day/

Finance Minister Dr. Ashni Singh [Photo: Department of Public Information]

Up from the 47.5 per cent economic growth projected for Guyana in the 2022 national budget, the country now expects a growth rate above that, standing at 57.8 per cent, Finance Minister Dr. Ashni Singh said Saturday.

The announcement comes even as the mid-year report is yet to be released but also with some 350, 000 barrels of oil being produced per day in the offshore basin of the new oil-producing nation.

Dr. Singh made the revelations as he addressed a visiting 65-member strong delegation from the public and private sectors of Saudi Arabia scooping investment opportunities in Guyana.

In his budget speech back in January 2022, Dr. Singh’s projection for economic growth stood at 47.5 per cent. The World Bank had also revised the country’s growth projection to 49.7 per cent.

On Saturday, Dr. Singh confirmed that the newest projections stood at 57.8 per cent.

Singh boasted of the country’s oil wealth of 11 billion barrels of proven reserves and still counting.

That has placed Guyana as the fastest growing economy with the third-largest reserves in Latin America and the Caribbean and the 17th in the world.

“With ramped up oil production Guyana is the fastest growing economy in the world,” Dr. Singh said.

It is supported by the start-up of Phase 2 of the Liza Development with the arrival of the Liza Unity floating, production, storage, and offloading (FPSO) vessel in October 2021.

The finance minister told the Saudi investors that Guyana is expected to exceed the production of one million barrels of oil per day by 2029.

The start-up of Phase 2 of the Liza Development has pushed daily output in South America’s newest oil-producing nation to above 300,000 barrels per day.

Dr. Singh also drew attention to the country’s strong non-oil sector which is expected to grow by 7.7% this year, building on the 4.6 growth recorded last year.

The finance minister said Guyana was expected to outperform regional and global averages.

He used the opportunity on Saturday to lay out an array of areas for investment in Guyana’s non-oil sectors.

“Our government, even in our earliest days of oil production, we have placed the highest level of importance on a strong non-oil economy. Our policies are focused on developing the traditional pillars of our economy and catalysing a rapidly growing, and highly competitive non-oil economy,” Dr. Singh said.

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Former Member

Guyana asks Saudi Arabia for US$2 billion fund; Asian nation ready to support Guyana’s oil sector

Posted by: Denis Chabrol in News Saturday, 9 July 2022, 21:49 1 Comment -- Last Updated on Saturday, 9 July 2022, 21:49 by Denis Chabro -- Source -- https://demerarawaves.com/2022...-guyanas-oil-sector/

Saudi Arabia’s Deputy Minister for Investors Outreach, Badr Al Badr (left) and President Irfaan Ali

“If it is that in the Saudi Investment and Development Fund, you can say to us today or tomorrow that ‘we are willing to set aside let us US$2 billion…for business development, for public investment in Guyana, let us then talk to the Central Bank and the Minister of Finance on how we establish the fund here with that amount of money to start the process of pushing projects forward,” he said. Dr. Ali also floated the idea of the fund being located in Guyana for the rest of the Caribbean.

Dr Ali recommended that the two sides identify priority areas and establish two working groups from the private sector and government and “let us get this ball rolling.” He said Guyana was also ready to tap into a development fund for small businesses and agriculture. “We are ready. I assure you the bureaucratic hurdle will be removed. We will work on a project accelerated window and basis and the private sector will be a partner on this,” he said.

Saudi Arabia’s Deputy Minister for Investors Outreach, Badr Al Badr told the Guyana-Saudi Arabia Investment Engagement at the Arthur Chung Conference Centre (ACCC) that his country was ready to make available money from the Saudi Fund For Development, and the Export-Import Bank. “I believe there are so many projects that can be tackled by these Saudi funds for development,” said the official who is heading a 65-member delegation that includes top business executives, officials of investment institutions and government ministries and agencies.

Mr Badr said his company could assist Guyana in using some of its oil earnings. “We also hope to start discussing and sharing with you some thoughts on the different options you have to use your new-found oil and gas revenues and gas reserves to build and diversify your economy,” he said. Options, he said, could include petrochemicals and plastics. ARAMCO, which had been contracted to market Guyana’s crude, was part of the Saudi Arabian delegation.

Mr Al Badr, in seeking to woo the Guyana government and the private sector, said Saudi Arabia is the 16th largest economy in the world, an average annual 4 percent Gross Domestic Product (GDP) for the past 25 years.

Listing agriculture, traditional and renewable energy, manufacturing, tourism, Information Communications Technology (ICT), financial services, transportation logistics, healthcare, construction and engineering, retail and expertise, he asked the Guyana government to provide incentives to Saudi companies. “All what I’m asking is that we should be really getting a special incentive or a special desk under your presidency or even any one of the ministries that handle Saudi investments and look after Saudi investors plus we should be looking for some types of terms and conditions that are tailor-made for these Saudi companies,” he said.

Dr. Ali said a special Saudi Arabia desk would be established at the Ministry of Finance, and Saudi investors would not be treated less favourably than others.

The Deputy Minister for Investors Outreach said Saudi companies could provide experts to help Guyana become a major oil producer and capture, use and store carbon.

The Caribbean, he said, has become a priority zone for investments and business partnerships with Saudi Arabia especially with Guyana’s oil-sector driven economic growth. “Guyana, for us, is a key player in the region and hopefully also a key partner in the global energy ecosystem,” he said. The President said Guyana was ready to provide land for the construction of an embassy that would also serve other Caribbean nations. “I expect that within the next quarter, we must have positive movement on this,” he said. “We are ready for you to have your permanent footprint here. We have already taken a decision that we will also establish a footprint in Saudi Arabia and we’re working out on those details,” he said.

Mr Al Badr said he was looking forward to a “key” follow-up visit to Guyana to concretise trade and business links.

President Ali also urged the Saudi Arabian delegation to consider working with Guyana in establishing in a World Health Organisation-certified pharmaceutical factory similar to that in Rwanda.

7/10/222:24 PM

cainTired old hippie

Fat boy tief a dish cloth for his head,leh he try deh..soon time Su and his communist party peeps gonna have him wearing the Manchu style Changshan.

7/10/2210:29 PM

MitwahSenior Member

On 2 October 2018, Jamal Khashoggi, a US-based journalist and critic of Saudi Arabia's government, walked into the Saudi consulate in Istanbul, where he was murdered.

In the months that followed, conflicting narratives emerged over how he died, what happened to his remains, and who was responsible.

Saudi officials said the journalist was killed in a "rogue operation" by a team of agents sent to persuade him to return to the kingdom, while Turkish officials said the agents acted on orders from the highest levels of the Saudi government.

Who was Jamal Khashoggi?

As a prominent Saudi journalist, he covered major stories, including the Soviet invasion of Afghanistan and the rise of the late al-Qaeda leader Osama Bin Laden, for various Saudi news organisations.

For decades, the 59-year-old was close to the Saudi royal family and also served as an adviser to the government.

But he fell out of favour and went into self-imposed exile in the US in 2017. From there, he wrote a monthly column in the Washington Post in which he criticised the policies of Crown Prince Mohammed bin Salman, the son of King Salman and Saudi Arabia's de facto ruler.

Source:

7/11/226:53 AM