Government refutes Jagdeo’s claim that GIPEX is funded by taxpayers

Oct 20, 2019 News

The Government of Guyana through the Ministry of the Presidency is refuting the claim made by Leader of the Opposition, Bharrat Jagdeo, that the second edition of the Guyana International Petroleum Exhibition (GIPEX) is funded by taxpayers’ money.
Jagdeo’s comments were made at his recent weekly press conference.
According to the Ministry in a recent statement to the media, the event which is scheduled for November 20 to November 22 at the Marriott Hotel, is in support of the growth and development of the country’s emerging petroleum industry.
It stated that the event is being organised by UK-based Valiant Business Media in collaboration with the Department of Energy, Ministry of the Presidency, with support from Guyana Office for Investment (GO-Invest).
VALIANT Business Media is said to provide immense opportunities for companies in the sector of oil and gas, across North and South America, Europe, Africa and Asia.
The statement stressed that no oil company is part of the organising team for this event. GIPEX is 100 percent funded by Valiant Business Media by way of support and sponsorship from companies in the oil and gas industry, as is standard with the staging of such events.
No revenue from taxpayers is used for the staging of the event, the government said.
Another claim made by the Opposition Leader was that to participate in the event, interested businesses would have to pay a fee of US$2,000. He pointed out that the average Guyanese business person would not be able to afford the participation costs—leaving the foreign companies to take the lead at the expo.
To this the Government said that rates are subsidized for 100 percent Guyanese companies which allows for exhibitors to receive a 35 percent discount.
It added that these discounts have been adjusted over the last year in keeping with the movement of costs associated with the staging of the event.
Moreover, start-up companies will pay a specially reduced group rate of US$1500 per booth space, shared by three companies, which amounts to just US$500 per company. Each of the start-up companies will receive a delegate pass at no additional cost.
Ministry of the Presidency noted that the event also provides a platform for Guyanese companies to announce new joint ventures and partnerships to the media, by way of scheduled organised press briefings which significantly aid in maximizing their visibility to a global audience.
Valiant Business Media has also been engaging the local private sector with a view to maximizing its participation in this signature event.
Finally, it was reiterated that a team of 100 percent Guyanese-owned companies continue to be engaged for the provision of services for GIPEX. These services include event planning, equipment rental, communications and marketing, branding and décor, multi-media services, accommodation, logistics and security.
GIPEX remains the largest oil and gas conference and exhibition in Guyana and serves to place a spotlight on the rapidly growing investment opportunities and avenues for partnerships that exist, which are crucial to the growth and development of local industry.
The Government boasted that with the participation of more than 600 delegates and well over 175 companies in 2018, which also saw 200 international and national oil and gas companies, GIPEX 2019 is poised to attract and engage the biggest players in the oil and gas industry as the country moves closer to first oil.
Additionally, it stated that they remain committed to working with all stakeholders in the development of the emerging oil and gas industry and the positive impact this would have on the economy and the country as a whole.
Many well-established companies from the oil and gas sector have already shown their interest and made their commitment to be a part of this year’s event to be held in Guyana—a country they deem the “most prominent Oil and Gas destination in South America and the Caribbean”.
GIPEX will be held from November 20 at the Marriott Hotel in Kingston.
Despite this, Jagdeo stated that his party might consider protesting the event on the day. “Let me make this clear, maybe we will protest this event. Maybe we will protest the waste of money that is taking place now. I am putting the sponsors on notice. So you could very well see a protest about this.”

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Government refutes Jagdeo’s claim that GIPEX is funded by taxpayers

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