{"id":24215,"date":"2024-11-20T14:19:11","date_gmt":"2024-11-20T14:19:11","guid":{"rendered":"https:\/\/ncnguyana.com\/2023\/?p=24215"},"modified":"2024-11-20T14:19:15","modified_gmt":"2024-11-20T14:19:15","slug":"govt-to-uphold-local-content-laws-and-standards-in-petroleum-sector","status":"publish","type":"post","link":"https:\/\/ncnguyana.com\/2023\/govt-to-uphold-local-content-laws-and-standards-in-petroleum-sector\/","title":{"rendered":"Govt. to Uphold Local Content Laws and Standards in Petroleum Sector"},"content":{"rendered":"<div id=\"fb-root\"><\/div>\n\n<p><em>October 25, 2024<\/em><\/p>\n\n\n\n<p>The government of Guyana has issued a stern reminder to companies within the petroleum sector to comply fully with the Local Content Act, emphasizing that substandard services and breaches will not be tolerated. <\/p>\n\n\n\n<p>Minister of Natural Resources, Vickram Bharrat, made these comments during the opening of a Local Content Forum hosted by the Private Sector Commission.<\/p>\n\n\n\n<p>Minister Bharrat affirmed that the government would not sign waivers for contractors who do not meet the necessary legal requirements, stressing that compliance with the Local Content Act is mandatory. <\/p>\n\n\n\n<p>While waivers are allowed under the Act, Minister Bharrat made it clear that he would not grant them lightly.<\/p>\n\n\n\n<p>Additionally, Bharrat warned local businesses that being covered under the Local Content laws does not give them the right to provide subpar services or inflate prices. <\/p>\n\n\n\n<p>He emphasized that this would also be closely monitored.<\/p>\n\n\n\n<p>Komal Singh, Chairman of the Private Sector Commission, echoed the importance of local businesses improving their competitiveness through corporate governance, proper financial mechanisms, and certifications, especially when seeking bank financing.<\/p>\n\n\n\n<p>Guyana\u2019s Local Content Act, implemented in 2021, mandates that oil and gas companies source goods and services from local companies across 40 sectors. <\/p>\n\n\n\n<p>The Act will be reviewed soon, with plans to expand the sectors covered once the country has the capacity.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>October 25, 2024 The government of Guyana has issued a stern reminder to companies within the petroleum sector to comply fully with the Local Content Act, emphasizing that substandard services&hellip;<\/p>\n","protected":false},"author":4,"featured_media":24209,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[361,360,350],"tags":[],"class_list":["post-24215","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-and-economy","category-energy","category-news"],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ncnguyana.com\/2023\/wp-json\/wp\/v2\/posts\/24215","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ncnguyana.com\/2023\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ncnguyana.com\/2023\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ncnguyana.com\/2023\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/ncnguyana.com\/2023\/wp-json\/wp\/v2\/comments?post=24215"}],"version-history":[{"count":1,"href":"https:\/\/ncnguyana.com\/2023\/wp-json\/wp\/v2\/posts\/24215\/revisions"}],"predecessor-version":[{"id":24217,"href":"https:\/\/ncnguyana.com\/2023\/wp-json\/wp\/v2\/posts\/24215\/revisions\/24217"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ncnguyana.com\/2023\/wp-json\/wp\/v2\/media\/24209"}],"wp:attachment":[{"href":"https:\/\/ncnguyana.com\/2023\/wp-json\/wp\/v2\/media?parent=24215"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ncnguyana.com\/2023\/wp-json\/wp\/v2\/categories?post=24215"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ncnguyana.com\/2023\/wp-json\/wp\/v2\/tags?post=24215"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}