With cheap electricity promised, Bharrat challenges investors in forestry to go beyond raw products  

Preliminary Artist’s Impression of Natural Gas Plant that is slated for Wales, West Bank Demerara. (Source: EEPGL)

In this regard, the minister is positive that the project will be a major contributor to reduce costs of production across the manufacturing and even agro-processing sectors.  The Wales Gas-to-Energy project is the single largest investment made in Guyana’s electricity sector. The 2023 National Budget allocates $43.4 billion to facilitate construction of the power plant and associated facilities there.

Through this project, a natural gas liquid and a power plant will be constructed. Natural gas produced offshore in the prolific Stabroek Block will be brought onshore to fire those plants.

“The gas to energy project is the game changer for Guyana, it will be the most transformational project we will ever see in the history of our country because we have always suffered from the high cost of electricity and the reliability of electricity in Guyana,” Minister Bharrat said.

Earlier this week, Minister Bharrat advocated for businesses to create by products of the natural resource they use to operate as a means of increasing the industry’s economical contributions to the country’s gross domestic product.

“We have to keep the forestry sector viable. It is important and if you look at the Low Carbon Development Strategy (LCSD) it speaks towards sustainable and responsible logging and mining activities.

“So, how do we achieve that? We achieve that by ensure g that we move towards value added,” the Minister of Natural Resources on International Day of Forests.

It should be noted that a $900 million forestry revolving fund was also officially launched to support small loggers and saw millers and to encourage them to invest in improved machinery and equipment.