Amid concerns that some oil and gas companies were taking as long as 90 days to pay local suppliers of good and services, the government has ordered that this period be contracted to within 45 days.
A statement yesterday from the Local Content Secretariat (LCS) said that the Government and the private sector were examining a thirty-day payment period for Guyanese and Guyanese businesses which supply goods and services to the petroleum sector. Upon further assessments and engagements, the Secretariat wrote to contractors and sub-contractors instructing them to implement an amendment to their five-year Local Content Master Plan. The updated five-year plan must now include a payment period of between 30-45 days upon the correct receipt of an invoice.