7 minute read
for killing Pomeroon P
TUESDAY, FEBRUARY 2, 2021 | GUYANATIMESGY.COM Govt’s gas-to-shore project economically viable – financial analyst
Joel Bhagwandin of JB Consultancy and Associates
An analysis carried out by local financial analyst, Joel Bhagwandin, has found that the Government’s gas-toshore project is financially viable.
The Government’s transformative gas-to-shore project is underway and is set to be completed by 2023. The main objective is to transport sufficient gas from the Stabroek Block’s petroleum operations to supply some 200-250 megawatts of energy to the national grid, leading to a significant reduction in electricity costs.
Bhagwandin of JB Consultancy and Associates said he felt compelled to conduct the study to dispel some negative commentaries on the project.
“Reducing the cost of energy would not only make the country more competitive in terms of we could export more, with the objective of having a trade balance surplus, but we will also save foreign exchange because we spend more than $500 million a year to import fuel.
So, if the gas-to-shore would mean that we will get cheaper electricity, we will be pushing industrialisation and reduce manufacturers’ cost. It also means we are going to save about $250 million or more in fuel import,” he told DPI, in an exclusive interview on Monday.
The Government has identified the former Wales Sugar Estate, West Bank Demerara, as the site for establishing the power generation plant. Bhagwandin said that location makes economic sense as it will open avenues for greater development.
“Because that region has been depressed, there was no sort of economic activity; it, therefore, makes sense to develop the Wales Development Authority. With the gas-to-shore project coming there, with the Liquified Petroleum Gas Plant, which the President announced … talking about the economic trajectory, where the country is heading, putting all these into context is to explain the long-term economic viability of the project,” he said.
The analysis estimates the project cost at $86 billion (US$400 million).
It proposes that the project could be financed through a project financing model wherein a Special Purpose Vehicle could be established. With this, the Government could opt to hold 15 per cent equity or $6.4 billion (US$30 million), and the remaining 35 per cent could be financed through equity and debt instruments from a consortium of private investors and the local, regional or international capital market.
The study shows that public and private investments could potentially increase by more than 50 per cent annually, effectively translating into the creation of more than 100,000 jobs along with tremendous growth in entrepreneurship opportunities during this period.
In this regard, with unemployment currently estimated to be more than 25 per cent or 125,000 persons of the total labour force, the number could be reduced to the lower single digits over the next five years.
The Government believes that the gas-to-shore project will transform Guyana’s economic landscape, bringing tremendous development for all.
President Ali had said the landing of the gas-toshore pipeline in Region Three would lead to “big industrial development taking place there that is linked to not only power generation and a power plant.”
He also said the investment on the Demerara River’s shoreside would create massive opportunities and a trickle-down effect.
Soldier charged for killing Pomeroon farmer in boat mishap
Amember of the Guyana Defence Force (GDF) was on Monday arraigned for killing 30-year-old Rayan Kahyum in a boat accident in April 2020 at Martindale, Lower Pomeroon River, Region Two (Pomeroon-Supenaam)
The soldier, 29-year-old Junior Fairas of Section C Grove, East Bank Demerara (EBD), appeared before Magistrate Esther Sam at the Charity Magistrate Court.
He was not required to plead to the charge which stated that on April 20, 2020, he killed Kahyum. Police stated that since the boat collision that resulted in the death of Kahyum, the soldier went into hiding. He was nevertheless arrested on January 29, 2021, and charged with the offence of manslaughter. He was released on 300,000 bail and will make his next court appearance on February 22, 2021, but he was instructed to report to the Grove Police Stations on Mondays, Wednesdays and Friday until the determination of the matter.
It was reported that the farmer was thrown overboard after a Coast Guard vessel belonging to the Guyana Defence Force (GDF) collided with the boat in which he was travelling.
It was alleged that GDF ranks were under the influence at the time of the accident, since they were reportedly seen imbibing on Monday at Charity.
Reports are that the body of Kahyum was identified by the clothes he was wearing, since his face had been badly disfigured from the impact of the collision.
Reports are that the GDF vessel, bearing registration number GDFS HAWK, which had four ranks on board, was returning from Charity to the Floating Base when it collided with the civilian boat carrying the now dead man, his wife and two workers.
Following the collision, three of the civilians were rescued and taken to the Oscar Joseph District Hospital at Charity. Based on allegations made against the ranks, GDF has launched a Board of Inquiry (BoI) to investigate the circumstances surrounding the accident.
Dead: Rayan Kahyum
Region 10 Amerindian villages receive $92M from COVID-19 Relief Fund
Minister Juan Edghill with recipients of the COVID-19 relief
Several Amerindian communities across Region 10 (Upper Demerara-Berbice) on Monday benefitted from millions of dollars, through the Ministry of Amerindian Affairs COVID-19 Relief Fund.
A total of $92 million in grants were handed over to Village Councils to aid in job creation, income generation and infrastructural development projects.
The grants were handed over by Minister of Public Works Juan Edghill, who is also tasked with political responsibility for the region, during a handing-over ceremony hosted at the Watooka Complex in
Linden.
The 10 communities which benefitted included Hururu, Wikki Calcuni, Wiruni, Sand Hills, Malali and Muritaro which all benefitted from $10 million dollars. Kimbia received $7 million dollars; as well as Rockstone and Great Falls which both received $5 million each. The community of Riversview will also receive $15 million, though this was not handed over on Monday.
In addressing the gathering, Minister Edghill emphasised that the move is part of the process to provide financial support to empower Amerindian communities, while noting that it is not a one-off project.
“This is part of a structured...well-orchestrated strategy to ensure, number 1: the empowering of Amerindian communities to ensure the sustainability of Amerindian communities and to ensure there’s vibrancy in Amerindian communities,” the Minister said.
He further urged village leaders, including Toshaos, to ensure that the grants are properly utilised to the benefit of the communities.
“Transparency is key. This is not money for anybody to hustle, and you as village leaders got to lift yourselves and hold yourselves to the community with great decorum, dignity and respect by ensuring they have full information on what you receive and that they participate in, how it is expended for the development of everybody...
and you don’t only owe it to the Ministry of Amerindian Affairs who has to account for this in the Parliament but you also owe it to the recipients that you are collecting it on behalf of - the people of the village,” the Minister warned.
He noted that Amerindians are Guyanese who are equal at the table of decision making, hence the move. The Minister also charged residents to put an end to division and infighting and to work to ensure harmony and togetherness.
“These grants that are being issued today, must not be the source of contention and further fighting in the villages. These must be the causes for celebration and working together for the development of your communities...This is for everybody,” he noted.
Minister Edghill further urged residents to elevate their level of thinking and to look at producing products for export which are of international standards. He also encouraged leaders to sit together and come up with development plans, noting that Government will continue to work for and with the communities. The Minister also reminded of the commitments made by Government immediately after assuming office, many of which he noted are already in place. Already, he noted that the distribution of the $25,000 cash grant and $4000 school uniform voucher programme have been completed in the villages.
