Sunday, April 14, 2024

Guyana invites investors to build small refinery


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GEORGETOWN – The Guyana government on Tuesday announced that it will be seeking expressions of interest (EOI) from the private sector for the construction of a small modular refinery to satisfy local fuel demand.

“We are looking at the launch of an expression of interest for a 30 000 barrel refinery. This expression of interest will be launched soon,” President Dr Irfaan Ali said at the formal unveiling of the ISO Standard for the Guyana Office for Investment (GO-Invest).

Ali said his government was intent on creating an enabling investment environment and the GO-Invest was instrumental in this regard.

The government had said previously it would support a privately developed oil refinery in Guyana, but had been receiving numerous proposals for small refineries, including six proposals for a refinery in Berbice.

GO-Invest chief executive officer, Peter Ramsaroop, said government hoped to possibly build the refinery near a river in Berbice but with newer technologies it is hoped that such a facility would minimise emissions.

“I think it is very important for Guyana to look at how it can sustain itself in the long term and I think the refinery is just one more step of us looking at our needs in the near future,” Ramsaroop told reporters.

Guyana recently ordered the reduction of gasoline and diesel prices by double-digit percent to ease the pass through of fuel prices on goods and services. The country is expected to produce almost one million barrels of oil per day in another three years. (CMC)


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