Latest update March 23rd, 2025 9:41 AM

Guyana's largest selling daily and New York's most popular weekly

Latest News

Local Content Bill stops short of stipulating payment period to ensure Guyanese have competitive advantage on contracts

Dec 28, 2021 News

By Kiana Wilburg

Kaieteur News – In light of complaints that oil companies have a long payment period that can last at minimum, 90 days, the PPP/C Government’s Local Content Bill 2021, has sought to put in place, a mechanism that would pave the way for Guyanese to have a more competitive advantage.
The Bill states that oil companies must provide Guyanese nationals or companies, with “timely and appropriate access to contracts and payment terms that facilitate competitive financing.”
Even as the well-intentioned provision demands better terms, its failure to specifically state that oil companies must pay local companies within a period that is shorter than 90 days can still be left open to interpretation and abuse.
Be that as it may, the Bill calls for oil companies and their sub-contractors to provide the government’s Local Content Secretariat with a Procurement Sub-Plan that includes a supply chain management strategy. In that strategy, the companies are required to:
1) Present a forecast of required goods and services;
2) Identify the goods and services to be procured from qualified Guyanese nationals and Guyanese companies;
3) Provide Guyanese nationals or Guyanese companies with timely and appropriate access to information, business opportunities, joint venture and partnership opportunities; technology and know-how, procurement systems and procedures suited to the scale and capacity of the local market, and performance management systems and procedures, with feedback and support for improvement;

Similar Articles

The Glenn Lall Show|| March, 17th, 2025

Follow on Tik Tok @Glennlall

THE BLUNT OF THE DAY

Sports

Reliance Hustlers delighted for Youth Programme support from First Lady

Reliance Hustlers delighted for Youth Programme support from First...

Mar 23, 2025

Kaieteur Sports- President of Reliance Hustlers Sports Club Trevis Simon has expressed delight for the support of the Youth Programme from First Lady Arya Ali under her National Beautification...
Read More
Relentless Chase demoralize West Dem’ to remain unbeaten

Relentless Chase demoralize West Dem’ to remain...

Mar 23, 2025

AAG makes history with US$300K Adidas sponsorship deal

AAG makes history with US$300K Adidas sponsorship...

Mar 23, 2025

Historic NSC sponsored GGA 2nd Annual National Long Drive Championships set for March 29

Historic NSC sponsored GGA 2nd Annual National...

Mar 23, 2025

St. Lucia’s Elite Blazers takes aim at FIBA 3×3 World Tour in Edmonton

St. Lucia’s Elite Blazers takes aim at FIBA...

Mar 22, 2025

Petra/Milo U18 Football kicks off Round II action today

Petra/Milo U18 Football kicks off Round II action...

Mar 22, 2025

Features/Columnists

Publisher’s Note

Freedom of speech is our core value at Kaieteur News. If the letter/e-mail you sent was not published, and you believe that its contents were not libellous, let us know, please contact us by phone or email.

Feel free to send us your comments and/or criticisms.
Contact: 624-6456; 225-8452; 225-8458; 225-8463; 225-8465; 225-8473 or 225-8491.
Or by Email: [email protected] / [email protected]

Weekend Cartoon

Bridge Watch

Demerara Harbour Bridge

> Berbice Bridge […]