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In the wake of Venezuela expressing concerns over the state of vessels that could be transporting rice from Guyana to that country, the Guyana Government will be renting a vessel from another country to transport the commodity.According to a source two shipping companies have been tasked with finalising this aspect of the arrangement. While the source could not say from which country the vessel will be rented, it has been confirmed that one with the capacity to carry 5,500 tonnes is close to being sourced.The source further stated that the vessel was built in 2008 and that the owners have indicated that it can become available as early as the first week next month. The source confirmed that the vessel will be rented according to tonnage, but could not say what the cost per tonne will be.However a reputable rice miller said that to ship rice to Venezuela it will cost no less than US$50 per tonne. This will work out to $400M for shipping the 40,000 tonnes to Venezuela.On Monday, Minister of Agriculture, Robert Persaud, assured that the Guyana’s contract to supply rice to neighbouring Venezuela is secure. Officials are looking to expand even more on this lucrative market.Last month, the two countries signed a lucrative $3.7B deal for 10,000 tonnes of paddy and 40,000 tonnes of white rice. The deal came at a time when Guyana was desperate to find market for excess rice. This year, officials have projected a record breaking production of 360,000 tonnes.Persaud, during a press briefing in the Ministry’s Boardroom, pointed out that due to the nature of the product; technical teams from both Venezuela and Guyana are overseeing the specifications and other areas.The deal should have seen an initial exportation this month and thereafter 10 other shipments to Venezuela, the last to leave at the end of February. However, due to insurance issues of the ship and regulations of Venezuela’s market, there were delays.Local rice officials were over in Venezuela last week and a three-man delegation is expected from that country to oversee the first shipment.The agreement provides for between US$330 and US$500 per metric tonne for paddy and white rice, respectively.At the signing of the agreement Minister Persaud had pointed out this most important accord was the culmination of two months of work which began with the recognition that there was a surplus in the production of rice, a first in the history of Guyana’s rice industry with the existing need to diversify the rice industry and identify markets in South America and the greater Caribbean region that could provide a good price for rice exports.The groundwork for the deal was done by President Bharrat Jagdeo who had also announced the provision of $400M to farmers, in light of low world pricesPresident Jagdeo and Venezuelan President, Hugo Chavez, met in New York at the United Nations and discussed the possibility of exporting rice to that country.Additionally, Kaieteur News has learnt that the Venezuelans were requesting that the rice from Guyana should contain a mere 0.5 percent red rice content. The source said that such a request was outlandish, and impossible for Guyana to meet. This led to the stalling of the agreement between the two countries.It is believed that it was that request that forced Agriculture Minister, Robert Persaud to; hastily send two Guyana Rice Development Board officials to that country to eke out a better agreement. After rigorous discussions between the officials and the Venezuelans, the 0.5 percent red rice content has been upped to six percent,Cheap Jerseys Online, making it possible for Guyana to meet its obligations.Additionally, Guyana has been able to supply a milling yield content of about 55 percent, which represents eight percent more than what the Venezuelans have requested at the inception of the agreement. After the inking of the deal on October 21, Agriculture Minister, Robert Persaud had said that the first shipment was expected to leave in the first week in November.The deal hit a snag after the Venezuelans indicated that they will not be insuring or accepting vessels more than 20 years old shipping rice to that country. This meant that Guyana could not make the first shipment since it does not have vessels that reach the standards that the Venezuelans are requesting. Further they had said should Guyana insist on the shipping of the rice with the old vessels they were doing so at their own risks.Internationally the price of rice has doubled but local rice farmers have not seen any increases in paddy price being offered by millers. Rice millers had indicated that they were awaiting the deal with Venezuela to offer better prices.The local Agriculture Minister said that he is not concerned with the delay since he is looking to land a long term agreement with that country.