Energy Chamber welcomes covid19 economic policies

The Energy Chamber welcomes the short-term policy measures announced by the Government and Central Bank to ease the economic constraints brought on by precautions for covid19. In a statement Wednesday, the chamber also commended the response by the banking sector to implement new policies and procedures that will assist both individuals and companies in these extremely difficult circumstances.

"We have seen a vital part of the private sector, both local and foreign, stepping forward to help the nation through this difficult time. Access to liquidity will be essential for most companies during this crisis period when their revenue is likely to be very significantly reduced, the chamber said. If companies are to be able to meet the common objective of preserving jobs, many will need liquidity support just to meet their payroll costs.

"The energy sector has been through a very difficult period since 2014 and many of the smaller service companies and contractors in particular, were in a perilous financial situation even before this crisis. With unprecedented low commodity prices and lots of activity being postponed or cancelled because of the coronavirus pandemic, these companies will need support if they are to preserve jobs." The chamber said it was heartened by the Prime Minister and the Minister of Finance’s promises to prioritise settling arrears to companies owed by the Government.

"It is important that the Government moves with the utmost urgency to pay these outstanding sums owed to contractors, including the contractors who are still owed significant sums since before the closure of the Point-a-Pierre refinery. We do not have the luxury of time." The chamber said most of its members have already implemented strict social distancing policies, significantly enhanced workplace hygiene and wherever possible, employees are working from home. "This is absolutely vital as we seek to meet the dual challenge of reducing the spread of the coronavirus while keeping the energy sector running. This is a national crisis and we are all in this together."