Berbice oil refinery could be finalised by year end- President Ali

The government hopes to facilitate the construction of a new oil refinery at Crab Island, Region Six (East Berbice- Corentyne), and President Dr. Irfaan Ali says the project could be finalised by year end.

Dr. Ali said this while engaging residents at Corriverton on Saturday night. This project, he explained, will help to position the region as a new energy hub.

“We are hoping that before the end of this year, we must finalise the refinery project to be done right here in Region Six that would add and create even more opportunities for Region Six,” President Ali said.

In January, Finance Minister Dr. Ashni Singh announced that nine proposals were submitted to the government for the design, financing and construction of the refinery.

During a State visit to the Dominican Republic in August, President Ali and his counterpart, President Luis Abinader, signed a Memorandum of Understanding (MoU) for the establishment of an oil refinery in Guyana that could possibly refine at least 50,000 barrels of oil daily.

With this new venture, it was noted that the Dominican Republic will be the majority shareholder, with a 51 per cent stake.

But the government has not yet finalised who will build this refinery though President Ali, in an invited comment in August, said the DR’s role in the project increases its viability.

Meanwhile, President Ali also told the residents that the energy sector will also have a “very strong base” in Region Six. A deep water port in the region is expected to support the development of the energy sector in both Brazil and Guyana.

It was also highlighted that the region will benefit from the creation of a manufacturing hub and an increased focus on business and tourism opportunities.