PRESS BRIEFING

Friday, October 31, 2003

A G E N D A

1. BRAZILIAN CONSULATE IN LETHEM

2. GBC - GTV MERGER

3. EAST BERBICE ELECTRICITY SITUATION

BRAZILIAN CONSULATE IN LETHEM

Cabinet at its meeting of Tuesday, October 28, 2003, agreed in principle to the request of the Government of the Federative Republic of Brazil to establish a Brazilian Consulate in Lethem.

Cabinet, had earlier in the year acceded to the request of the Brazilian Government to establish an Honorary Consulate in Lethem.

That request was granted in reciprocity as the Government of Brazil had acceded to Guyana’s request for an Honorary Consul .

The latest request seeks to convert the Honorary Consulate to a full Consulate in Lethem. Cabinet agreed to the request.

The bilateral diplomatic initiatives support and are a part of the thrust of both states to intensify their relationship in all field.

Important agreements have also been made in the Trade Sector, the soon to be implemented Protocol Scope Agreement and the Land Cargo Transportation Agreement to join with other ones in the Military Relationship.

Discussions are also ongoing in the Environmental National Resources Energy and Security Sector.

EAST BERBICE ELECTRICITY SITUATION

Electricity generation too a down turn over the last weeks in East Berbice.

The down turn was associated with the malfunctioning of the both the emergency works and the back load set at the No. 53 Canefield and Onverwagt stations.

The Guyana Power and Light Board and management appeared before Cabinet and outlined the planned short short-term and long-term interventions.

FOR SHORT TERM: Rental of 4 additional emergency sets concluded. Guyana in 10 days - November 17, 2003 for 1st and probably 2nd emergency sets from London to East Berbice.

MEDIUM TERM: - Canefield set 5 MV by ending to mid 2004.
WINDING UP OF BERMINE MINING ENTERPRISE

WINDING UP OF GUYANA FISHERIES LTD

CLOSURE OF BAUXITE INDUSTRY DEVELOPMENT COMPANY LTD

Cabinet over its last two meetings concluded discussions on the final stages of the winding of the following State Bodies:-

* BERMINE
* Guyana Fisheries Ltd
* BIDCO

Guyana Power and Light assets were divested in 1990 - 1992 by the then PNCR administration.

By 1994, activities were reduced to collection of lease and rental fees.

The pre 1992 management of the Company has left many issues unanswered including major accountability issues.

NICIL will become the property manager of the Guyana Fisheries Ltd assets.

WINDING UP OF BIDCO

BIDCO winding up resulted from the severe reduction of income generation.

(1) The merger of BERMINE and ABC

(2) The termination of Viceroy Shipping Ltd of
the Shipping Agency Agreement

(3) The management contract with Cambior for the management of LINMINE

The original role of BIDCO as the holding company of Government interest in the Bauxite Industry is now overtaken by the future industry structure of Independent private company with or without Government shareholding.

the identification of NICIL as the holding company for Government interest in commercial operation.

All assets and liabilities will be vested into NICIL.