SOL says will invest US$13.8M in Guyana this year as new jetty is commissioned

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Executives of Sol Guyana and Parkland gathered at the company’s Rome Terminal in Agricola, East Bank Demerara on Monday for the commissioning of its new jetty along the Demerara River.

The occasion also saw the company announcing a US$13.8 million investment in Guyana’s economy this year as it responds to new and growing opportunities in the oil and gas sector.

Sol was formed through the acquisition of Shell’s business in Guyana in 2005 and by 2007, it had conducted purchases of Exxon’s assets in Suriname and Guyana. The construction of the jetty started in 2020.

Sol’s General Manager Earl Carribon said with several years of service to the oil and non-oil sectors, the jetty will support the exploration, appraisal and development of Exxon and other offshore operators for many years to come.

“The future of Guyana is indeed bright and Sol remains committed to being a dependable and responsible partner to the people of Guyana,” Carribon remarked.

Part of the new jetty (Photo: News Room/February 21, 2022)

He said there were many other investments being undertaken including the running of fuel line from the Rome terminal to GYSBI fuel farm, the construction of a new 55k barrel diesel tank at Rome, the construction of the Mandela Service Station and the McDoom Service Station which are both expected to see completion this year.

“… and it is forecasted that we will spend US$29.6 million over the next five years.”

Sol’s General Manager said the company plays a pivotal role in the offshore operations by providing fuel, promoting and participating in the development of local content and is committed to energising communities.

The Sol team was joined by representatives of the private sector including Chairman Paul Cheong and Foreign Minister Hugh Todd who represented the government.

Todd said the government was pleased with the private sector response to the need for investment in the economy.

“This is an indication that Guyana is truly on the move.”

Todd said the PPP/C government has a track record of facilitating growth in the economy, incentivising the private sector and creating an atmosphere of trust and predictability.

“We truly believe in private sector-led development and we should not interfere… we also believe that government needs to create policy space so the private sector can thrive,” Todd added.

He said the investment in the jetty and those other investments to be made over the next five years is promising and shows that Sol trusts the local business environment.

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