SoL eyes ‘massive expansion’; millions to be invested
By Shikema Dey
The explosion of oil production in Guyana has brought on a myriad of investment opportunities that Sol Guyana and Parkland are keen on tapping into.
Considered one of the leading suppliers of petroleum-based products and energy solutions in the Caribbean, as well as Central and South America, Sol has its eyes set on expanding its reach in Guyana with the East Coast of Demerara being an area of particular interest.
Sol Guyana’s General Manager Earl Carribon told the News Room on Monday that much of the growth is centralised in the capital city and so, the company is looking to invest in other areas.
“There is a lot of growth going on in Guyana, a lot of opportunities so within our strategic plan, over the next three to five years, you will see a massive expansion of our network outside of greater Georgetown and millions will be invested in communities.
“The East Coast area has some growth right now and we are hoping that the opportunities we are looking at there will pan out over the next year so that we can get the ball rolling.”
The General Manager referenced the recently upgraded service station at McDoom, East Bank Demerara which saw some US$1.6 million being spent to give it a more modern and convenient feel. And the facility now boasts four spacious pump stations along with a walk-in convenient store.
And currently, Sol’s Mandela location is still under construction but Caribbob said that the service station will bring a unique feel to the area.
“Let me give you a teaser, it will one of a kind, pretty impressive,” he continued.
According to Carribon, much forethought goes into selecting the optimal location for a service station in any country.
He explained that Sol examines growth patterns, population density, how the population is distributed in a specific area among others.
“We look at the areas where we have seen growth and areas where we think that we can add value in terms of high-value high-quality service stations.
“It is not just about price and not just about putting on a service station. We want to put a station in locations to add value. We want to put down quality service stations so that is what we want to do. It is about creating value, creating jobs and adding customer value in all that we do,” the General Manager emphasised.
Only last month, Sol commissioned a new jetty along the Demerara River and Carribon anticipates that with several years of service to the oil and non-oil sectors, the jetty will support the exploration, appraisal, and development of ExxonMobil and other offshore operators for many years to come.
Other investments by Sol include the running of fuel line from the Rome terminal to Guyana Shore Base (GYSBI) fuel farm and the construction of a new 55k barrel diesel tank at Rome, East Bank Demerara.
The Sol Group of companies operates in 22 countries across the Eastern Caribbean, including Jamaica, Puerto Rico, Dominican Republic, Bermuda, Bahamas, Cayman, Belize, Guyana, Suriname, French Guiana, Martinique and Guadeloupe.
They have nine service stations operating across Guyana.