Even as optimism abounds that Local Content can serve as “a key tool to help developing countries to reap, in a sustainable manner, the economic and social benefits from their natural resources” there exists a deep-rooted concern that if not implemented and managed carefully and if not subjected to public scrutiny, Local Content can offer “significant corruption opportunities,” according to an article published in the 2019 issue of the Georgetown Chamber of Commerce and Industry (GCCI) Souvenir Magazine.
The article authored by GCCI Technical Advisor Nazim Baluch makes the point about the potential for corruption on Local Content arrangements against the backdrop of what he says is “the increasing bribery and corruption threat for businesses and company executives and firms operating in the oil and gas sector which he says has “the highest risk of corruption of all sectors” and are “among those that have incurred the most significant penalties.”
Publication of the article in the 2019 issue of the Chamber’s official publication, Business Guyana, coincides with increased reporting on instances of bribery and corruption in the oil and gas sector internationally, much of it involving collusion between international oil companies and well-placed businessmen and political functionaries in oil-producing countries.
