Tier one contractors operating in Guyana’s oil and gas sector have complied with the government-issued order to pay local suppliers of goods and service within 45 days and have amended their Local Content Master Plans to reflect such.
According to a statement from the Local Content Secretariat (LCS) of the Ministry of Natural Resources (MNR), several companies including SBM Offshore and Halliburton have amended their Local Content Master Plans to ensure that Guyanese suppliers are paid within 30 to 45 days following the receipt of correct invoices.
The signing of the amended plans was done at the ministry’s head office in Kingston on Wednesday. Vickram Bharrat, the Minister of Natural Resources, reminded contractors about the importance of implementing the amendment while pointing out that appropriate contract and payment terms promotes local suppliers’ competitive financing and growth, according to the release.
