[www.inewsguyana.com] – The new Board of Directors for the Guyana Sugar Corporation (GuySuCo) will be announced and installed sometime this week, according to President Donald Ramotar.
The life of the present Board was extended to June and it is expected to lead the industry’s turnaround with the support of management.
The President again recommitted his government’s support and confidence in the industry’s turnaround.
“Even though the situation might look tough, I have confidence that we can overcome these and move ahead and it is worthy to support them at this point in time, because the industry has a great future in Guyana,” he said.
The company’s cost of production is now double that of world market prices, however, President Ramotar noted that whilst this is true for the moment, it may not be cause for concern, because of the fluctuation of price on the world market.
The President noted that this is the first time that the company has experienced such a situation, as generally it is a price taker on the international market.
In response, the sugar company has been seeking to minimise the amount of sugar that it sells on the world market and has been looking at other sources of revenue, President Ramotar said.
The company is also trying to compensate for the prices on the world market by doing some value added. There is movement to outfit the plants with cogeneration facilities, so as to have another source of renewable energy and income.
The sugar company already has a demonstration bio-ethanol plant at its Albion estate and is at present testing its e-10 fuel in 20 vehicles (Guysuco and the Ministry of Agriculture.)
The President also noted that the company is also experimenting with a new kind of fertiliser that if proven successful will be a huge saving for the industry.
This sustenance is also based on the consideration that the company provides employment for thousands of people and many more who depend on it indirectly.
[Extracted and modified from GINA]