A consortium of local catering and food service operators, Guyanese Achieving Together Enterprises (GATE), has achieved a significant milestone by acquiring a substantial equity stake in Newrest Guyana, one of the country’s largest offshore suppliers to the oil and gas sector.
This strategic partnership marks a pivotal step towards increasing local participation in Guyana’s rapidly growing oil and gas industry.
GATE is a consortium consisting of local catering and food service operators in Guyana, formed in response to President Irfaan Ali’s call to increase local participation in the country’s burgeoning oil and gas sector. By pooling their resources and capitalizing on collective strengths, GATE aims to play a significant role in this thriving industry.
In 2022, Ali had called for the formation of a local consortium to boost local involvement. Following a detailed evaluation of options, GATE initiated negotiations with Newrest Guyana in November 2022, with the goal of strengthening the company’s local content credentials and realizing their shared ambitions in the sector.
It was noted that the Ministry of Natural Resources facilitated the formation of GATE by convening a meeting with caterers and food service operators, leading to the creation of the consortium.
The strategic partnership between GATE and Newrest Guyana will focus on enhancing catering and stewarding services for the oil and gas sector. In addition to their collaboration, GATE and Newrest Guyana plan to closely cooperate with local suppliers to develop their capabilities and obtain necessary certifications, ensuring the provision of high-quality supplies and inputs to Newrest Guyana.
Clinton Urling, Secretary of GATE, expressed great enthusiasm about the partnership, emphasizing that the acquisition showcases the remarkable achievements that local companies can accomplish when they join forces. GATE also intends to explore the possibility of undertaking further commercial projects and initiatives aimed at advancing the catering and restaurant sector in Guyana.
Newrest Guyana, the local subsidiary of the international Newrest Group based in France, operates globally and specializes in providing catering and food services for various segments of the industry. The company actively seeks partnerships that contribute to the growth and development of the local economy, making the collaboration with GATE a natural fit.
By combining local expertise and international excellence, they are not only enhancing the food service industry but also creating a more inclusive and robust business environment in Guyana.