Sithe Global withdrawal projects a bad image for Guyana – PSC Chairman

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The Private Sector Commission (PSC) has described the pull out by Sithe Global as sad, saying it projects a bad image of Guyana.

Speaking with this news site today, Chairman Ronald Webster says the Commission is terribly disappointed by the revelations.

He also outlined several reasons why the move could be considered a bad one for Guyana.

Firstly, Webster says local stakeholders must first understand that there is a shortage of cash worldwide and that Sithe Global has a responsibility to its shareholders.

He explains that putting equity into a project that does not have the support of the entire nation is not done.

According to Webster, the PSC has the feeling that the tremendous impact of energy cost on manufacturing has still not registered with some parties.

Cheaper energy the PSC chairman says has the ability to turn the country around, noting that in the local manufacturing sector, more than 60 percent of costs go to fuel. [Delicia Fletcher]

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