Canada, Guyana to sign MOU to boost oil and gas capacity

The Canadian Government is hoping to sign a Memorandum of Understanding with the Government of Guyana in the area of oil and gas.

According to Canadian High Commissioner to Guyana, Lilian Chaterjee, two high-level Deputy Ministers from the Canadian Province of Newfoundland will be visiting Guyana next week to further discussions.

Speaking at the launch of three Trade Facilitation Councils at the Georgetown Chamber of Commerce and Industry’s (GCCI) boardroom on Monday afternoon, the Canadian High Commissioner noted that meetings will be held with Ministers of State, Joseph Harmon, Minister of Business, Dominic Gaskin and others.

“What we’re hoping to be able to do in our relationship with Guyana, is to share our expertise to help you build up your own capacity both in Government and in the private sector so that you can realize the economic benefits in your own country that the oil and gas profits would bring you.

And it goes well beyond oil and gas. It goes to all the related businesses that benefit from the sector,” she disclosed.

The MOU is likely to be signed in October.

Additionally, a trade mission from Canada is also expected to visit Guyana in September.

Canada has the third largest oil reserves in the world and is the world’s fifth largest oil producer and fourth largest oil exporter.