Beal deal closure now fixed for early 2000
Closure of a deal with Beal Aerospace Technologies is not possible by Friday as government officials had indicated and it is expected that such an agreement will be consummated in the first quarter of next year. Government sources yesterday indicated that given the negative sentiments expressed over the sale of land in the proposed investment, the government will not be rushing to seal a deal. In addition to this, there are still outstanding issues which are to be settled by the two parties and general counsel for Beal, David Spoede, is reportedly on leave until January 3. Spoede's return is necessary to continue some aspects of the negotiations between the government and Beal. Beal had been hoping to close the deal by December 21 but Prime Minister Sam Hinds had indicated that it looked more like December 31. Since then, Beal officials came to Guyana to field questions from the public on the proposed investments and there are some aspects of the negotiations which are still to be concluded. At the public sessions, the main issue in contention was the government's decision to sell and not lease 26,010 acres of land to Beal for its primary site. However, Hinds had indicated that the sale agreement is being worded in such a way as to effectively reflect a lease arrangement. Beal is hoping to set up a satellite space port in Guyana to be called `Spaceport Guyana' from a point in the Waini. Soil tests have been concluded and these have been forwarded to the company for a decision to be taken on the best possible area for the launch site.
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