Pres. Ali wants country to prepare smooth pathway for more US investors

Jul 07, 2023 ExxonMobil, News, Oil & Gas

---

Kaieteur News – Amid heightened calls, both internationally and locally, for the lopsided oil contract with American oil giant, ExxonMobil to be renegotiated, President Irfaan Ali has said that Guyana must continue to present a sustainable environment for more investment from the United States.

The President made this clear during a joint press engagement with the U.S. Secretary of State, Antony Blinken at State House on Thursday.  Blinken visited Guyana on July 6, 2023 for the first time, during which he engaged the Guyanese President and members of Cabinet on energy, food and climate security, among other key issues.

Following a meeting with the U.S Secretary of State, President Ali told reporters at State House, “So I believe at this time of our development, the United States as a strategic partner, is not only helpful and supportive in the development of Guyana, but more importantly, they are playing a key role.”

It is safe to conclude that the American oil company, ExxonMobil has contributed to the significant growth in the country’s Gross Domestic Product (GDP) over the past three years, with a tripling of the country’s exports, mainly driven by the petroleum sector.

To this end, Ali said, “We have tremendous investment from the U.S private sector and they continue to show greater and greater interest in our country.” He was referring to the continued investments in the Stabroek Block by Exxon and its partners as he noted that the country is responsible for building a society that encourages more investment by the US.

“We must continue to build a society in which our systems, and our institutions are strong in which our institutions and systems can withstand scrutiny, point to accountability and transparency, so that we can continue to present Guyana as a sustainable destination for more U.S. investment,” the President explained.

In highlighting the importance of the U.S. to Guyana, Ali pointed out that the country is Guyana’s largest trading partner with an accumulated trade of over US$3.9 billion in 2022. Not only is the United States Guyana’s top export destination with US$2.7 billion in goods shipped last year, but it is also the country’s highest ranked import source, with over US$1.2 billion in items shipped during 2022 as well.

According to Ali, the U.S. is also one of Guyana’s strongest partners, with the two countries sharing a number of common values and principles.

“We share many common values and principles. We both believe in the rule of law, democracy and ensuring that everyone, every country abides and work within a democratic framework…our relationship with the United States has been one that spans many sectors,” President Ali noted.

He went on to explain that that both countries pursue a foreign policy that seeks to ensure the World exists peacefully where “the rights of every human is respected”. Added to that, the President said it also shares other common interests with the U.S. on three critical areas inclusive of food, energy and climate security.

On this note, Ali indicated that Guyana is seeking to expand its partnership with the U.S. in all of the areas mentioned. He said, “There are a number of other areas, crime and security, ensuring that we build systems to ensure transnational crimes are addressed. Issues of drug trafficking, the United States have played a tremendous role in the training of our security forces in the last two years. We have the greatest partnership in terms of the training of our security forces and partnership in combating many different forms of crime and we have gained tremendous success in the last three years in these areas,” he reported.

Ali noted that the two sides are committed to continuing and expanding the partnership, forging stronger relations and creating greater networks.

Meanwhile, the U.S. Secretary of State, Antony Blinken in his address, reaffirmed the country’s commitment to a more secure and sustainable region. Weighing in specifically on Guyana, Blinken said the Export Import (EXIM) Bank of the U.S. is working with the Guyanese government on the Gas-to-Energy project that will cut harmful emissions to the environment. In this regard, the Secretary of State noted, “American companies can bring unparalleled expertise, high environmental standards and transparency to help power Guyana’s dynamic growth to advance regional energy security to deliver tangible benefits to all the people of Guyana.”

According to him, “We greatly value the leadership of Caribbean nations on our shared priorities and the President referred to a number of them- strengthening democracy in the Americas, to addressing the global climate crisis to creating even greater and more inclusive economic opportunity for our people.”

Blinken also shared that his trip to the Region builds on what he described as the “most significant, the most sustained engagement in decades between the Unites States and the Caribbean”. He added that last year at the Summit of the Americas, three U.S. Caribbean Action Committees were formed to improve the lives of people across the Region, address energy and food security and access to finance.

According to the top U.S. government official, “Just now, with President Ali, with Foreign Minister Todd, with many of our colleagues from the government here in Guyana, we had very productive discussions on the full scope of what is already a very strong bilateral relationship between our countries.”

He indicated that among the numerous issues discussed with the Guyana government, energy and climate adaptation were front and center. Blinken was keen to note that the United States appreciates the increasingly significant role that Guyana is playing in addressing regional and indeed global issues.

He said, “Guyana will soon be the highest oil producing country per capita in the world, but it’s also a leader on forest conservation, demonstrating it is possible prioritize climate mitigation, environmental protection while responsibly using fossil fuels resources.”

Meanwhile, he pointed out that the U.S. is also working with Guyana to counter illegal narcotics and train the police to reform the justice sector to improve accountability and transparency.

---

• Blinken, Contract, investment, oil, U.S

---