Gaico, partners launch US$10M venture to manage ExxonMobil’s waste

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(L-R) SES Inc. Chairman/Partner, Komal Singh; Senior Minister in the Office of the President with responsibility for Finance, Dr. Ashni Singh; GYSBI Partner, Robin Muneshwer; GYSBI General Manager, Sean Hill; Corena Partner, Paul Roach and Gaico Business Development Director, Khishan Singh.

Senior Minister in the Office of the President with responsibility for Finance, Dr. Ashni Singh says local business people and companies must actively seek opportunities to penetrate and benefit from the oil and gas value chain.

The Minister made this statement in his feature address at Tuesday evening’s launch of Sustainable Environmental Solutions Incorporated (SES), a US$10 million joint venture formed to manage ExxonMobil’s waste.

Gaico Construction and General Services Incorporated (Gaico) has partnered with the internationally-recognised Corena Group to form Gaico, Corena Environmental Services, which partnered with Guyana Shore Base Incorporated for this venture.

“I think it’s extremely commendable that Guyanese companies spotted an opportunity to innovate, to enter a space where Guyanese companies had hitherto not entered, identified that there were technologies and skills that they did not have, seek out a credible international partner with a track record like Corena, engaged them, concluded a joint venture in the manner that you did, tendered, competed presumably with a significant number of other competitors, I would imagine, compete for business with ExxonMobil, and win a ten-year contract with ExxonMobil to do this particular function. I think this is something for which you should all be commended and applauded.”

The Minister urged locals to follow the example of the consortium.

He said, “It would have been easy for Guyanese companies to sit down and say we don’t have the technology to offer what ExxonMobil needs in this particular instance. We don’t, or we didn’t, as far as I’m aware, have the technology capable of processing waste in the manner that SES proposes to do until very recently.”

The Minister explained that the current generation is living in a period that will allow them to witness and participate in the most significant growth in Guyana’s history. He added that Guyana has already seen a steep uptick in the investment climate due to the policies implemented by the PPP/C since taking office last year.

Dr. Singh vowed that Government would continue to facilitate significant growth and investment by improving the ease of doing business. [Extracted and Modified from DPI]