Many proposals coming in for oil refinery here – Pres. Ali


President Dr Irfaan Ali has reiterated his government’s full support for the establishment of an oil refinery here, noting that many proposals have already been submitted.

“Now, globally, everybody is trying to be self-sufficient and one of the things that we would support is an oil refinery.

“We have many proposals that people are sending in and we are in support of the development of an oil refinery (private),” the Head of State told the media at the sidelines of an event on the West Coast of Berbice on Sunday.

Dr Ali said no specific developer has been identified at the moment but noted that “whoever comes off the block, we are ready to go.”

During his earlier address to residents of Region Five at the launch of a major livestock project, the Head of State made reference to the global increase in the cost of fuel, explaining that a long-term solution is needed.

“It is not only about prices now for fuel, but one of the main issues globally… is where the supply will come from? That is why we are pursuing also a refinery that will ensure we have sustainable supply.

“Every country now is trying to improve its productive capacity to move closer to self-sustenance,” the President said.

President Ali previously said his government supports the establishment of an oil refinery since it will “add value” to the oil and gas sector. He, however, emphasised that such an investment would have to be private sector-led instead of it being an investment from the government.

In December last year, three Mexican investors and their Guyanese partner expressed interest in massive infrastructure projects in Guyana including building an oil refinery, a new terminal at the Cheddi Jagan International Airport (CJIA) and potentially paving the Linden to Lethem Road.

The investors, led by the Chief Executive Officer (CEO) of Grupo Industrial Omega, Andres Holzer, met with President Ali and a team of government ministers and officials at the Office of the President.

The other investors were CEO of Grupo TCO Federico Martinez, CEO of Cometa Javier Vazquez and local partner and CEO of Star 10 Dean Hassan.

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