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Suriname Business Association Urges Transparency in Oil and Gas Sector

VSB Advocates Transparency Amid Concerns Over Suriname’s Oil and Gas Sector Progress

Suriname Business Association Urges Transparency in Oil and Gas Sector

The Suriname Business Association (VSB) emphasizes the critical need for transparency amid the promising advancements in the oil and gas sector. Ensuring clear insight into the preparations and progress of relevant entities is deemed essential by the VSB, which expresses its concerns about the current situation. The association calls for heightened transparency and proactive communication with both the community and the private sector.

Two key structures are dedicated to preparations for the oil and gas sector: the EDC (led by Staatsolie), operating at the operational level, and the strategically focused Local Content Board. President Chan Santokhi established the Local Content Board, aiming to develop and coordinate a national policy for local content until July 2025.

Since June 2021, the VSB has been actively engaged in various committees and presentations to monitor developments and share insights. Despite this involvement, considerable uncertainty persists in society. Recognizing the imperative for clear information, the VSB urges relevant authorities to communicate developments in the oil and gas sector proactively.

Integral to the preparation is the establishment of the Local Content Board, chaired by Arleen Emanuels, with a focus on maximizing the value derived from the exploitation of natural resources. This committee is tasked with raising awareness about local content across various sectors and compiling an inventory of implementation decisions.

Several milestones, including a presentation to the State Council in December 2022 and the establishment of the Local Content Board in August 2023, have been achieved. Nonetheless, concerns linger regarding the vagueness of the ‘local content’ definition and the sluggish implementation of government policies, as highlighted by the VSB in the latest edition of “De Nieuwslijn“.

Another pivotal aspect is the development of local skills and expertise crucial to the oil and gas industry. Despite efforts, such as the initiation of the Oil and Gas Training by Staatsolie, concerns persist about the government’s delay in providing relevant training. The government must take the initiative to enhance education, ensuring that the youth are adequately prepared for future challenges in the sector.

To prevent foreign companies from independently conducting activities, thereby providing minimal benefits to the local economy, the government must actively identify all sectors capable of contributing to the oil and gas industry. In conclusion, the VSB calls for increased collaboration, clarity, and decisive action from the involved authorities. Clear information about developments fosters a better understanding of business opportunities, enabling adequate preparation.

Source: https://www.starnieuws.com/index.php/welcome/index/nieuwsitem/78518

Date: 21 november 2023

Categories:  Ease of Doing Business, Economische Boom, Economische Nieuws, Olie- en Gasindustrie, Suriname 

Tags:  Beleid inzake lokale inhoud, Business Opportunities, Government Policies, Local Content Board, Local Content Compliance, Local Content Development, Staatsolie EDC, Staatsolie Maatschappij Suriname NV, VSB, Vereniging Surinaams Bedrijfsleven (VSB) 

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