Some of the new facilities been built by the Chinese Company that will increase storage capacities for LEC Authorities of the Liberia Electricity Corporation (LEC) has received on its Bushrod Island offices a new storage facility that will store approximately 5,280,000 gallons of Heavy Fuel Oil (HFO) valued at US$11 million. The project, funded by the World Bank, is a component under the Liberia Accelerated Electricity Expansion Project (LACEEP), with the objective of increasing access to electricity and strengthening institutional capacity of Liberia’s energy sector. The Government of Liberia, through the Ministry of Lands, Mines and Energy (MLME), on behalf of LEC, entered into an agreement with China Harbor Engineering Company (CHEC) for the demolition of the old LEC tanks and pipelines to pave way for the construction of the new facility.At yesterday’s official turning over ceremony held on the Bushrod Island, Ernest R. Hughes, LEC managing director, lauded the World Bank and partners for supporting Liberia’s energy sector. “We are delighted, because the new facility will help us now to save money that we will later use for other purposes as LEC continues to spend more money because of the lack of storage facility, thereby relieving the entity from paying rental fees for storage facilities,” Mr. Hughes said. He assured the government and partners the the LEC will use the newly constructed facility for its intended purpose, noting, “maintenance is surely guaranteed.”World Bank Acting Country Manager along with LEC Manager Director Hughes celebrates with officials of the construction company upon receiving the key of the facilitiesDaniel Boakye, acting country manager for World Bank, said the bank is pleased to support such a worthy initiative for the people of Liberia. He expressed hope that the project will go a long way in the transformation agenda the country has proffered over the years. He also spoke of the bank’s desire to see the new facility create opportunities to considerably reduce electricity tariff, and not only lighting households, but to light up the country’s industries. “We see electricity as a very important component of our transformation agenda, particularly development for which the World Bank is excited to support. The bank is committed to support more projects in the country. We hope that this project will support the expansion of transmission distribution rate; and therefore, we look forward to many sources of electricity generation beyond the diesel that many have gotten accustomed to,” he said.LEC project manager, Abu D. Sanso, named the construction of two new 10,000 cubic meters (2,640,000gal) facilities, each with the capacity of HFO storage tanks; the construction of one HFO storage tank base for future expansion; and construction of a 1,000 cubic meters (264,000gal) capacity diesel storage tank. “We also constructed 1.8 km pipeline to transport HFO from the Bong Mines pier to the tank farm at LEC Bushrod Island compound and install several auxiliaries, but critical systems including the fire protection and environmental oil or water separator system; and construction of one new 2,500 cubic meters capacity water storage tank for the fire protection system,” Mr. Sanso said.With this new facility at hand, he said, the LEC will have the capacity of transporting the HFO directly from a vessel dock at the China Union pier to these storage tanks, adding, “There were challenges associated with the project implementation.” He then lauded all parties for their dedication and coordination.CHEC is a subsidiary of China Communications Construction Company Limited (CCCC). It is the world’s leading integrated service provider of large-size infrastructure construction projects. CHEC’s more than 70 branches and representative offices make global footprints in over 80 countries with more than 10,000 professionals undertaking hundreds of international projects in total value of US$19 billion.Share this:Click to share on Twitter (Opens in new window)Click to share on Facebook (Opens in new window)
BY DEVINA SAMAROO AND AHREEFA BACCHUSater its one-year hiatus, Guyana’s largest trade fair and exposition returned with a bang, with over 350 booths on display, as celebrations take full swing to usher in the country’s 50th independence anniversary on May 26.GuyExpo 2016, being observed under the theme “50 years: Guyana Means Business. Promoting Enterprise, Driving Productivity”, started off with the traditional launching ceremony at the Sophia Exhibition Centre, Greater Georgetown.Looking ahead, the Government envisions GuyExpo developing into an international event, whereby businesses from various territories assemble in one giant trade fair and exposition.“In order for the event to truly development, it needs to have both local and foreign participation. It needs toNEW GPC INC is among the more than 300 companies that are exhibiting their services and products at GuyExpo 2016become a much more foreign affair; that is, it must attract foreign exhibitors and it must attract foreign buyers. Guyana means business will have to be embodied in Guyana in the coming years and this event must become the launchpad for businesses seeking access to both local and foreign markets,” Business Minister Dominic Gaskin remarked during his presentation.Manufacturing industriesRecognising that Guyana has been unsuccessful in developing its value-added industries, Gaskin encouraged investors to refocus their efforts to ensure value is added to raw materials being exported.He acknowledged that there are a number of factors that discourage manufacturing in Guyana, not least of which are the high energy cost and lack of a skilled workforce.“This means to me, if left to its own devices, our local manufacturing sector is unlikely to change its course,” he noted, urging the Private Sector to work with the Government to develop the manufacturing industry.EntrepreneurshipPresident of the Georgetown Chambers of Commerce and Industry (GCCI) Vishnu Doerga, during his brief opening remarks, emphasised that Guyana is overwhelmed with tremendous business potential, eagerly waiting to be touched.“The expectations are many, the potential is more than evident, the path is clear. It is time to demonstrate in actions more than in words that Guyana truly means business,” Doerga declared, noting that countless business opportunities are available in the country, but it just needs to right environment to stimulate startup and sustain growth.In this regard, he stressed that the spirit of entrepreneurship should be more widely promoted, especially in schools. “Entrepreneurship must become a catalyst for job growth. Students must leave the education system with knowledge of turning ideas into reality,” he stated.Doerga also noted that the Private Sector needs to diversify into other industries such as the telecommunication sector, the Information and Communication Technology sector (ICT) as well as the creative industries – all areas which have to potential to drastically reduce the unemployment rate.The GGCI President also mentioned that the Caribbean Single Market and Economy (CSME) needs to function as intended in order for business to blossom.“The CSME needs to allow promised access to [Caribbean Community] Caricom markets, access devoid of unnecessary barriers,” he noted.Speaking to the Government, the Private Sector representative underscored the need for a more level playing field of doing business in Guyana and urged the current Administration to act with urgency in ensuring this prevails.He also noted that tax regimes should stimulate rather than stifle Private Sector growth.Green economyPresident David Granger, during his feature address, reiterated the importance of a green economy in the development of the business sector.“A green economy is necessary for ensuring the sustainable management of our natural resources and our assets… it is also needed to wean this country off of its addiction to fossil fuels,” he stated.The President noted that it is his mission to build a green economy, and that moves are afoot to rapidly accelerate the transition towards having cleaner and cheaper sources of energy.He said over the next five years, his Government will ensure huge investments are made in the development of wind, solar and hydro energy.The President said his Government will also explore the possibility of offering incentives to encourage investments in renewable energy.Large corporations dominate small enterprises300 booths were on display from approximately 250 participants but disheartening to say, large corporations once again dominated the scene.Contrary to previous years however, the number of participating small enterprises diminished.Thursday evening’s launch saw a limited number of small businesses participating, while the large-scale enterprises dominated the Sophia Exhibition Centre. In previous years, small businesses took the opportunity to showcase their products, including locally made sauces and well as fruits and vegetables at the exhibition; however, this year it was noted that there was a limited number of small businesses participating.The larger booths expressed their optimism at being able to showcase their products to Guyanese at the expo, as it is a means of attracting a larger customer base.Communications Manager of Digicel Guyana, Vidya Sanichara explained that thus far they have had an encouraging response from visitors, and she encouraged persons to visit the booths to take advantage of the many promotions being offered. “We’re always at Guyexpo and we always anticipate a big crowd. We’re surprised to have such a huge crowd at the expo despite the weather. As you know, we recently launched our 4G service and that is what we’re pushing tonight,” she stated adding that they have a number of data plans and handsets at affordable prices available.The Marketing Director of GTT also shared similar sentiments as he encouraged persons to visit the booth. “At GTT there’s a lot of things going on and we have a lot of specials for all of our customers. As you all know we launched our 4G and we are proud of it as the fastest 4G in Guyana. We have a big stand with a lot of phone specials,” he explained.Meanwhile, a Marketing Representative of Roraima Airways explained that they have special packages available to visitors of their booth at the expo. “We know you have a lot of relatives coming in as well as those already here. We have aerial tours being offered for just $4200 and that’s the lowest you’re going to get it for a city tour of Guyana,” she stated.New Guyana Pharmaceutical Company Pharmacist Olivia Brown also took the opportunity to encourage visitors to trust the Company for all their pharmaceutical needs.