Guyana will be seeking expressions of interest (EOI) from the private sector for the construction of a small modular oil refinery with a capacity of 30,000 barrels per day to satisfy local fuel demand.
Guyanese President Dr Irfaan Ali, who made the announcement, says the EOI will be launched soon.
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.
GOVERNMENT INTENT ON CREATING ENABLING INVESTMENT ENVIRONMENT
The government is hoping to build the refinery near a river in Berbice but, with newer technologies, it is anticipated that such a facility would minimise emissions.
Ali declared that his government was intent on creating an enabling investment environment and that the Guyana Office for Investment (GO-Invest) is instrumental in this regard.
Peter Ramsaroop, GO-Invest chief executive officer, told the local media that “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”.
Guyana recently ordered the reduction of gasoline and diesel prices by double-digit per cent 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.
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