UK entrepreneurs to partner for US$100M onshore fund in Guyana – GO-Invest Head

Sep 12, 2019 News 0

A partnership of entrepreneurs has indicated its intention to start a US$100M onshore investment fund in Guyana, namely Peter Hambro Ltd. and Dr. Lei Wang, according to Chief Executive Officer (CEO) of Guyana Office for Investment (GO-Invest), Owen Verway.

GO-Invest CEO, Owen Verway

During a recent press conference last Tuesday, co-chaired by GO-Invest and the Georgetown Chamber of Commerce and Industry (GCCI), Verway made this announcement, while discussing a recent oil and gas conference.
Verwey, along with public and private sector actors, recently returned from Aberdeen, Scotland, where they formed a contingent representing Guyana at the Society of Petroleum Engineers (SPE) Offshore Europe Conference & Exhibition, a biennial conference focusing on upstream oil and gas.
Peter Hambro Limited is a London-based business, primarily involved in the Russian mining business, and Dr. Lei Wang is a partner of Peter Hambro.
Although the conference was based on Petroleum-based, Verway, speaking to Kaieteur News yesterday, said that the fund is not intended to be limited to that sector, but is likely to be open to all sectors, such as tourism and agriculture.
Led by the Department of Energy, the contingent sought to market Guyana to a series of receptive European companies and investors who work in or adjacent to the North Sea Petroleum Sector.
One of the highlights of this event, Veryay said, is that participants are exposed to international best practices in the sector and explore solutions to technological challenges.
The contingent visited the Aberdeen University where they were enlightened on opportunities for training and certifiying of government employees to deliver on and/or improve on the delivery of services in the oil sector.
“The programmes offered by the Aberdeen University are particularly beneficial to economic development, economic planning, legal and regulatory agencies in governments. A number of Guyanese attended, including those who are currently furthering their studies in Aberdeen,” Verway said.
He added that a visit was paid to the North East Scotland College. On that visit, the contingent was informed of the technical and trade skills development and certifying process requirements for local content development and industry sustainability. Verway told Kaieteur News that Guyana could learn from a place like Scotland, where the local population is highly populated, making it difficult for foreigners to take over the market.
There was also an EIC (Energy Industries Council) event, where several companies showed interest in the Guyanese market, and procured information on how to navigate it. Notably, a Guyana reception was hosted by Lord Provost of Aberdeen, Councillor Barney Crockett, “who presented further opportunities for these interested parties to network with the Guyana delegation,” said Verway. (By Kemol King)