Govt, Barama commence talks on renewal of investment agreement

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Discussions are underway between the Barama Company Limited and the Guyana Government to examine the Company’s request for a renewal of its Investment Development Agreement, which is slated to expire in October this year.

Minister of Natural Resources, Raphael Trotman tours Barama Company Limited as discussions commence for company's operations agreement renewal
Minister of Natural Resources, Raphael Trotman during a tour of Barama Company Limited 

INews understands that the talks which commenced last week saw the Government’s team comprising representatives from the Natural Resources, Indigenous People’s Affairs, Business and Public Infrastructure Ministries, along with the Guyana Revenue Authority (GRA) and the Guyana Forestry Commission (GFC) meeting with representatives of the company.

It is the expectation of the Government to benefit from expert advice from the International Institute for Environment and Development (IIED) to help inform its decision.

Meanwhile, more formal talks on the pressing issue will commence later this month where several critical areas of interest will be addressed.

According to the Government Information Agency (GINA), Natural Resources Minister Raphael Trotman during September last visited the company’s Buck Hall operations to “get a first-hand look at the operations and working conditions there.”

He had noted that his Administration wishes to see “more value-added production from investors in Guyana” while promising to ensure that this component be included in any agreement between Barama Company Limited and the Government.

General Manager of the company, Mohindra Chand at that time had said that Barama has been one of the long-standing foreign companies in Guyana and while the challenges were many, it had never considered ceasing operations here.

Acknowledging the fact that more than $43 billion has been plugged into its Guyana operations, he said that he expected Barama to grow and further development to take place once the agreement is renewed.

 

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