GUYOIL surpasses $1B after tax in 2009

Apr 30, 2010 News

President Jagdeo and Finance Minister Dr Ashni Singh pose with the staff of the newly commissioned facility.

…as Jagdeo commissions $170M Diamond Service Station

It was announced yesterday during the commissioning ceremony of the newest service station of the Guyana Oil Company (GUYOIL) in Diamond, East Bank Demerara, that in 2009, the company made some $1.1B after paying its taxes.
This disclosure was made in the presence of Head of State Bharrat Jagdeo (who unveiled the official plaque), Finance Minister Dr Ashni Singh, Speaker of the National Assembly Ralph Ramkarran and PNCR Chief Whip Lance Carberry among others.
Dr Singh who spoke at the commissioning of the $170M facility, which will also serve as the company’s new headquarters, said that the structure is testimony to the fact that there is confidence in the economy and more so the location.
He added that the government is focused on delivering social service and it is the creation of the new housing scheme where thousands reside which has been the catalyst for the area becoming a business hub of the East Bank of Demerara.
Pointing to the fact that the edifice will soon house some private businesses, Dr Singh said that it was a prime example of public/private partnership.
President Jagdeo who unveiled the official plaque and toured the facility told the gathering that GUYOIL is a profitable company that has played a key role as it relates to the regulating of the fuel prices in Guyana.
He stressed that Government in no way in the business of competing with the private sector.