Beal to seek OPIC insurance Proceeding despite Chavez threat Stabroek News August 11, 2000 Venezuela's threat to block the Beal Aerospace Technologies US$100M investment in Guyana has not had any apparent impact on that firm's lobbying efforts at the US State Department to secure approval to transfer satellite technology to Guyana. David Spoede, Vice President of Beal told Stabroek News yesterday by e-mail that the discussions with the State Department continue to go well but there is no positive commitment on a licence so far. Spoede was not in a position to say when the application for the licence will be sent in. Venezuelan President, Hugo Chavez has vowed to block the Beal investment in Guyana but Spoede indicated that the comments by Caracas had not affected Beal's discussion with the State Department as far as Beal could tell. Beal is aware that the area in the north west where it plans to put down a spaceport is subject to a territorial controversy raised by Venezuela. "Beal has consulted with the US State Department on this matter. The area proposed for the spaceport is within the internationally recognised boundaries of Guyana over which Guyana has exercised sovereign jurisdiction since independence on May 26, 1966," the Beal website www.bealaerospace.com reported. Meanwhile, Spoede has indicated that Beal will also be applying to the Overseas Private Investment Corporation (OPIC) for political risk insurance for its project here. OPIC recently announced a resumption of its services here following the settlement of a court dispute between Green Mining Company and the Guyana government. Beal has not made a decision as yet on if it will apply for an interim environmental permit to start clearing and draining a section of the land in the Waini while awaiting the outcome of the environmental impact assessment study. The firm has retained IFC, an internationally renowned firm to conduct the EIA but this has not started as yet. At this stage a cadastral survey to demarcate the land to be sold and leased to Beal is being done. Beal has already paid the US$76,000 easement fee for access to over 76,000 acres in the Waini and is awaiting the demarcation to pay for the sale of 26,010 acres. Beal proposes to launch commercial satellites from Guyana once it secures the State Department's approval.(GITANJALI SINGH) Follow the goings-on in Guyana in Guyana Today