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US$1B gas pipeline through Guyana… High level team travels to Venezuela to analyse benefits

Jul 13, 2008 News

A three-man high level team from Guyana will be traveling to Venezuela to participate in the upcoming PetroCaribe Summit to assess the economic benefits of the proposed gas pipeline which will run through Guyana to Suriname.
The team includes acting Head of the Guyana Energy Agency, Mahender Sharma; Guyana Ambassador to Venezuela, Dr Odeen Ishmael; and Prime Minister Samuel Hinds.
This is according to Head of the Presidential Secretariat, Dr Roger Luncheon, during his most recent press briefing.
On Friday, Prime Minister Hinds travelled to Venezuela to commence the negotiations.
Suriname’s Natural Resources Minister Gregory Rusland is quoted as saying that Venezuelan President Hugo Chavez’s government would finance construction of the US$1.1 billion pipeline.
“It sounds promising, because it would bring financial gain for us,” Rusland told The Associated Press by phone. “But we must be careful, because these kinds of deals have long-term implications.”
Rusland and Prime Minister Samuel Hinds plan to discuss the proposal during a two-day energy meeting in Venezuela, starting today.
Recently, Venezuela’s Ambassador to Guyana, Dario Morandy, on the 197th anniversary of his country’s independence, announced that Venezuela has proposed the construction of a gas pipeline to run though Guyana to Suriname as a contribution to end the existing differences and guarantee the supply of the necessary gas to Guyana and Suriname.
This, according to Morandy, is part of the discussions on issues of bilateral cooperation, and it is expected that in the medium term the project would become a reality, and with it stronger ties of integration and economic sovereignty.
Morandy made the announcement at Le Meridien Hotel in the presence of Prime Minister Samuel Hinds, who is performing the duties of President, and several leading local politicians and Venezuelan diplomats.
Prime Minister Hinds told media operatives, following the announcement of the gas pipeline, that the proposal was a welcome one but a feasibility study would have to be conducted.
He noted that an optimistic view would suggest it would mean that Guyana would have a cheaper source of gas at its disposal.
Dr Luncheon, during his press briefing, added that, apart from the gas pipeline, the team will also be assessing the extensive benefits PetroCaribe is offering a Caribbean oil alliance with Venezuela to purchase oil on conditions of preferential payment.
President Hugo Chavez, for years, has championed the idea of a pipeline stretching from Venezuela through Brazil to other South American nations as a solution to the region’s pressing energy needs.

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