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PREPARE FOR PRICE SPIKES AT THE PUMP: OPEC TO MAKE MAJOR GAS PRODUCTION CUTS 

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#TurksandCaicos, October 5, 2022 – A significant jump in gas prices may be looming as the Organization of Petroleum Exporting Countries (OPEC) is expected to cut production in its meeting on October 5th. Gas prices rose more than $2 dollars on Tuesday in anticipation of the meeting.

Gas prices had soared to incredible highs in early 2022 following sanctions on Russia over its invasion of Ukraine and western countries subsequently shunning the oil and gas provided by the Eurasian nation.

This year oil remained steadily above $110 a barrel for the most part from February to July even rising to $130 a barrel briefly in March and everyone felt the pinch eventually.

Gas Prices in the Turks and Caicos rose more than $1.68 reaching highs of $8.10 and power bills in June caused widespread panic and outrage in residents, prompting calls for the government to investigate and birthing forgiveness programs for the swaths of families unable to pay the bills in full.

The TCI has still not quite recovered from the ultra high prices earlier this year based on the government’s monthly gas price index and $2.5 million was just allocated to put a cap on fuel prices for domestic customers.

Now according to analysts at Reuters, oil production may be cut up to 1 million barrels per day. Currently oil prices are trading well below 100 dollars but all eyes are on the OPEC meeting to be held in Vienna.

With demand staying strong across the globe as the Russia-Ukranian war drags on, quarantines and lockdowns become a thing of the past, and upcoming sanctions to Russian crude oil consumers must brace for what analysts say will likely be a jump, once again, in prices.

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Register of Interests of the Members of the House of Assembly 

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#TurksandCaicos, September 29, 2023 – The Integrity Commission advises that the Register of Interests for Members of the Turks and Caicos Islands House of Assembly, as at 31st December 2022 has been completed.

Members of the House of Assembly are required by the Turks and Caicos Islands Constitution, Section 103(2), and the Integrity Commission Ordinance (the Ordinance), as amended, Section 52(1), to file with the Commission, Statements of Registrable Interests.  The Commission would, therefore, like to inform members of the public that, it has compiled the information contained in these Statements of Registrable Interests and has produced The Register of Interests 2022 for the Members of the House of Assembly, as at 31st December 2022.

The Register of Interests 2022 is now available for public inspection at the following locations:

  1. House of Assembly in Grand Turk
  2. Office of the Premier – Grand Turk and Providenciales
  3. Office of the Integrity Commission – Grand Turk and Providenciales (during the hours of 8:30am to 4:30pm from Mondays to Thursdays and 8:00am to 4:00pm on Fridays.)
  4. Office of the District Commissioner – Middle Caicos, North Caicos, Salt Cay and South Caicos.

The Register can be viewed at these locations during normal working hours or at a time that is convenient for the respective offices.

For further information or any assistance please contact the Integrity Commission:

By telephone at:  946-1941(Grand Turk Office) or 941-7847 (Providenciales Office) By e-mail at: secretary@integritycommission.tc or info@integritycommission.tc

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Bahamas News

Grand Bahama to be CARGO HUB, as Bahamas & Qatar ink MOU 

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Rashaed Esson

Staff Writer

#TheBahamas, September 29, 2023 – With moves to deepen ties, governments of The Bahamas and Qatar have signed a Memorandum of Understanding (MOU) to solidify agreements in principle surrounding the development of aviation and other related services.

This is according to Chester Cooper, The Bahamas Deputy Prime Minister and Minister  of Tourism, Investment and Aviation in a Facebook post.

This comes after The Bahamas Government in a press release on September 24th, revealed that Cooper,  was set to meet with the head of Qatar Airways to have talks regarding “multiple mutually beneficial aviation opportunities for both countries.”

The release also said the deputy prime minister and the Bahamas Ministry of Tourism, Investment and Aviation are working on “forging strategic partnerships with several Middle Eastern countries to strengthen ties to The Bahamas and the Caribbean,” and this new signing is indicative of such efforts.

Following the September 25th signing, on September 27th, Kenneth Romer, Deputy Director General  of Tourism for The Bahamas informed via Facebook some details of the agreement saying, “we have now established a framework for cooperation and formed strategic partnerships with Qatar Airways, Qatar’s Transport, Aviation and Investment Agencies and The Qatar Aeronautical Academy, that will benefit our country.”

Regarding further efforts for the improvement of The Bahamas, Cooper announced on Facebook again on Tuesday September 26th that both countries are working  to make Nassau a passenger hub for Latin America and the Caribbean adding that talks are being held for Grand Bahama as a cargo hub.

Additionally, as the press release informed, Cooper is preparing for an on ground visit of Bahamasair domestic operations by Qatar Airways Technical team sometime in October.

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Caribbean News

Guyana to build regional food hub

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Rashaed Esson

Staff Writer

 

#Guyana, September 29, 2023 – Guyana is making moves to become the primary food production center for the Caribbean, going ahead with plans to develop a USD$14 million regional food hub.

In fact, as reported by the Observer, the facility has already been identified on the country’s Soesdyke /Linden Highway.

Guyana seems to really want this to become a reality and Zulfikar Mustapha, Agriculture Minister, expressed this, highlighting what Guyana has over its Caribbean sister Islands.

“We want Guyana to be the food hub, the primary production hub of the Caribbean so that we could supply the Caribbean.  What we have, our colleagues in the Caribbean don’t have.  We have arable flat land and abundant fresh water,” he said, adding that with the multi-million dollar US investment, the country can, “modernise the infrastructure, and start ramping up the productions.”

Also, the Agriculture Minister pointed out that the project is geared to make for a more competitive local Agriculture industry as well as developing high-yielding varieties, pest-resistant and climate-resilient varieties.

Additionally, in the facility’s development, Guyana, Mustapha said, will work with Belize.

In fact, with more on Belize’s involvement, Dr. Ashni Singh,  Finance Minister, informed that the Government is in talks with the Barbados Prime Minister Mia Mottley about sourcing inputs from northern Brazil and transporting them through Guyana to Barbados and vice versa.

Singh also reportedly revealed that the project will help develop the growing logistics industry in Guyana.

Considering regional food import cost, with this development, Guyana is the leading Caribbean Community country pushing ahead with plans to reduce the multi-billion dollar regional food import bill by 25 per cent by 2025, the Observer says.

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