Statement by the Chairman of Guyana Oil Company (GuyOil)
It has come to the notice of The Guyana Oil Company Limited (GUYOIL) that allegations have been made in the media by Aaron Realty Inc. (ARI) that GUYOIL contracted the said company to supply fuel. This claim has no truth whatsoever.
GUYOIL wishes to make it clear that while ARI is one of several companies in which GUYOIL has had discussions on the potential fuel supply, GUYOIL has not entered into a contract with ARI at any time.
GUYOIL is pleased, in the interests of transparency and public disclosure, to set out the pre-requisite procedures in place and practical that the company will follow when procuring fuel from any entity:
• Competitive Procurement
• Delivery Company Due Diligence
• Purchase Order / Contract;
• Nominated Quantities sent to Supplier with expected delivery date;
• Quality and Quantity Surveyor Appointed to ignore Cargo loading;
• Certificate of Quality / compliance with Technical Specification produced;
• Supplier sends Proforma Invoice (necessary for GRA to authorize ship unloading);
• a signed Certificate of Origin / declaration that the product did not come from an embargoed country;
• Details of the vessel to be used, document Q88;
• Detailed ship loading report by independent inspector;
• Bill of Lading for the loaded ship; a
• Ship updates at estimated arrival time.
The Board of Directors has met with Dr. Ashni Singh, Senior Minister in the President’s Office has responsibility for Finance and briefing on the matter. The Minister has asked the Auditor General to be called in to investigate the allegations.
GUYOIL has also cited reports on the departure of former General Manager Jagmohan Bassoo. Mr Bassoo offered his resignation to the company and the Board of Directors has accepted his resignation.
In the meantime, a sub-committee of the Board of Directors was appointed to oversee the day-to-day operations of the Company.
GUYOIL’s Board of Directors wishes to assure the public that the Company will always operate in accordance with the Guyana Laws and best practices as it relates to the conduct of its business.
Paul Cheong
Chairman of the Board of Directors
20/04/2021