GCCI and Newfoundland & Labrador Oil & Gas Industries Association (NOIA) sign MoU
By Sandi Bowen
The Georgetown Chamber of Commerce and Industry (GCCI) has signed a Memorandum of Understanding (MoU) with the Newfoundland & Labrador Oil & Gas Industries Association (NOIA) as part of a mutual effort to promote the development of projects and trade in sectors of common interest related to the Oil and Gas industry and Petroleum development.
At a reception held in honour of the visiting NOIA delegation on Monday, Senior Vice-President of the GCCI, Mr. Timothy Tucker, and Chair of the NOIA, Mr. Mark Collett, signed the MoU on behalf of their respective organizations.
Under the terms of the MoU, both parties have agreed to keep close, consistent contact and provide each other with information relating to investment, trade and economic opportunities within each Partyโs respective region. As such, the GCCI and the NOIA have committed to promoting cooperation and partnership between their respective members by assisting in developing partnership opportunities such as joint ventures, general partnership and limited liability partnerships.
The GCCI and the NOIA have also agreed to collaborate to facilitate investment opportunities, trade missions, meetings, seminars and business delegations between Guyana and the province of Newfoundland and Labrador, Canada with the aim of sharing information and expertise, and promoting investment opportunities related to the oil and gas industry.
The MoU will be enforced from the day of its signing and shall remain in force indefinitely unless either of the Parties gives the other a notice of at least six months regarding its intention to terminate the agreement.
The GCCI has maintained a close relationship with the NOIA since its first oil and gas trade mission to Guyana in 2017. Following that engagement, the GCCI fielded a trade delegation to Newfoundland in November, 2017 with the aim of garnering a practical insight into the provinceโs offshore Oil and Gas Industry.
The NOIA has expressed a willingness to share its experience and expertise in the petroleum industry with its Guyanese counterparts. Under the newly signed MoU, the GCCI and the NOIA now have a structured framework to guide their mutual efforts to strengthen and develop trade relationships between the two regions.
