Angostura, Guysuco sign Memorandum of Understanding

A Memorandum of Understanding (MOU) between the Guyana Sugar Corporation (GUYSUCO) and Angostura Limited of Trinidad and Tobago was signed on Monday August 18, 2003 at Hermandston House, in Queenstown Guyana by Lawrence Duprey, Chairman of Angostura and Vickram Ouditt, Chairman of Guysuco. The new joint venture company will buy molasses from Guysuco for processing into alcoholic beverages while Angostura will supply management and technical services. The Memorandum of Understanding proposes that construction of the distillery will commence on January 02, 2004. The new distillery is expected to produce bulk rum initially and later will manufacture branded Guyanese rums for the global market. This will enable Guysuco to maximise the benefit from its molasses by converting it into alcohol.

Guysuco’s Oditt said the distillery project represents another important step in achieving one of the company’s fundamental goals, of adding value to its production. Duprey said: “We welcome Guysuco’s efforts in adding value to one of their key products, which is moving from sugar on to alcohol and which will have further value when we brand the alcohol. We have access to markets in almost every country in the world with the recent acquisitions we have just made.” Duprey believed that the signing of the MOU “could strengthen the economies of our countries and by putting good management sharing values and visions as we are doing now, the wider Caribbean would benefit significantly.”