GEORGETOWN, Guyana, CMC – The Guyana 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.
“Together, we will have to speak to Lloyd’s so that they can understand the nuances, the reality that exists in Guyana and 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 broad-ranging speech, Ali was critical of Lloyd’s Market Association’s Joint War Committee assessment that is confined to vessels visiting offshore installations. Ali told the private sector event that 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 additional shipping costs will likely be small at first. While listing an area means war-risk premiums can be charged, they generally only move higher when conflict breaks out.
Venezuela fol, following the December 3 referendum regarding the ownership of the Essequibo region, had announced that the state oil and mining companies would be authorized to explore oil and gas and mine minerals in the 160,000 square kilometer region. Caracas had also announced that foreign companies licensed 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 about Lloyd’s assessment of our waterways and the increased cost of insurance it can bring to us,” he said.
Ali also announced that Guyana is discussing a new training initiative with Canada to see beneficiaries landing jobs with a yearly starting salary of US$30,000.
He said that the initiative’s first phase 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 significant 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 would 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, the semi-finals and finals of the Caribbean Premier League (CPL), and the Women’s T20 cricket tournament finals.
Ali said Guyana will start establishing itself as the entertainment capital of the Caribbean.
President Ali also announced the construction of a “massive” hotel, conference, and entertainment facility combined with a modern boardwalk along the seawall in Georgetown.
He said an investment group is funding the project out of Qatar and will commence next year.
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