Grenada Approves New Laws With Big Incentives For Oil Explorers

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GIS: Parliament has passed the Hydro carbon exploration incentive bill 2017, containing a package of incentives for oil and gas exploration.

Leader of Government Business, Hon. Gregory Bowen, who brought the bill before the house says, the plan is to determine the existence of natural deposits of oil and gas as well as the quality, and quantity.

“You bring in the rake, you bring in all the equipment you utilize but you take it out at the end of the day and the rake has to go back, should the person pay custom duties”? Questioned Bowen, who is also the country’s Works Minister.

“We are saying no”.

Bowen said investors who also have to bring in vehicles for work purposes “will get duty concession on” a maximum of six vehicles.

“If you want to bring in vehicles on the island because you want to take people out and you want to take goods and services from here …..you want to buy products from the firms in Grenada to drop it back on the Pier for a boat to take it to the rig, we say a maximum of six vehicles you will get a duty concessions on” said Bowen.

Government will be advocating for locals to be employed on the rig for the period of exploration.

Economic Development Minister, Hon. Oliver Joseph threw his full support behind the bill.

“The good thing about the Bill is that it’s there for everyone to see,” said Bowen.

“It’s not the investors going and meet with minister Bowen and working out a deal, it’s there in law, all other companies want to come to Grenada to explore they will know what is there… clear and simple in legislation. And this is the kind of approach I like and that is what I like about this Government, being transparent and open”.

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