GEORGETOWN, Guyana – Guyana's government says it is seeking the assistance of Britain in mounting a joint lobby to Lloyd’s of London insurance company to reduce its risk assessment of this country’s maritime space due to the border controversy with Venezuela.
President Ali addressing the 31st anniversary gala and dinner of the Private Sector Commission (PSC) on Tuesday night.“Together, we will have to speak to Lloyd’s so that they can understand the nuances, the reality that exists in Guyana and in relation to the controversy,” President Dr. Irfaan Ali told the 31st anniversary gala and dinner of the Private Sector Commission (PSC) on Tuesday night.
In a wide ranging speech, Ali was critical of the assessment by Lloyd’s Market Association’s Joint War Committee that is confined to vessels visiting offshore installations in in the Ali told the private sector event that the Lloyd’s analysis “is pandering to what people want: create instability and insecurity”.
International media reports had indicated that with the placement of that area on its list of the riskiest shipping zones, there could be an increase in the cost of shipping crude from Exxon Mobil Corp.-run offshore installations.
The reports noted that any additional shipping costs are likely to be small at first. While the listing of an area means war-risk premiums can be charged, they generally only move higher when conflict breaks out.
Venezuela had following the December 3 referendum regarding the ownership of the Essequibo region, had announced that the state oil and mining companies would be authorised to explore for oil and gas and mine minerals in the 160,000 square kilometre region. Caracas had also announced that foreign companies licenced in concessions by Guyana had three months to leave.
But as he addressed the PSC event, President Ali said he had already spoken with the United Kingdom High Commissioner to Guyana, Jane Miller about the need to approach the insurance company for an upward revision of its risk assessment.
“Together, we will have to speak to Lloyd’s. “I think you can help us to reverse that decision in relation to Lloyd’s assessment of our waterways and increased cost of insurance it can bring to us,” he said.
Ali also announced that Guyana is discussing with Canada a new training initiative that will see beneficiaries landing jobs with a starting salary of US$30,000 a year.
He said that the first phase of the initiative will target 2,000 Guyanese, training them in “essential skills” that will be certified by the best.
Ali said discussions have already begun with ExxonMobil and other partners in the development of oil offshore, along with other major internationals working in Guyana, so they can absorb those who will be trained.
“We are looking at this innovative initiative to create high value jobs,” President Ali said.
The Head of State said that 2024 will be an “important year” for Guyana, as the country assumes in January, the chairmanship of the 15-member regional integration movement, CARICOM, as well as taking up its two-year position as a non-permanent member of the United Nations Security Council.
Ali also announced that high-level delegations will be visiting from Brazil, Saudi Arabia, Canada, the United Arab Emirates, Qatar, India and Rwanda.
The country will also host the Guyana Energy Conference and Supply Chain Expo as well as hosting of the semi-finals and finals of the Caribbean Premier League (CPL) and the finals of the Women’s T20 cricket tournament.
Ali said Guyana will start the process of establishing Guyana as the entertainment capital of the Caribbean.
President Ali also announced the construction of a “massive” hotel, conference and entertainment facility that will be combined with a modern boardwalk along the seawall in Georgetown.
He said the project is being funded by an investment group out of Qatar and will commence next year.
