Vice President, Dr. Bharrat Jagdeo on Thursday dismissed the notion of Guyana sending a portion of its oil to Trinidad and Tobago for processing. He said the CARICOM nation does not have a functioning refinery, and even if it did, such a move would only address Trinidad’s energy security goals leaving the wider region without a viable solution for their energy needs.
In response to a question about Guyana’s contribution to energy security within the region, Jagdeo elaborated, “Energy security for the region has to be looked at in the context of affordability and competitiveness. Right now we are entitled to a number of barrels of crude as part of profit oil and we sell those crude basically through a marketing arrangement that is publicly tendered…
“We don’t refine products here and the demand for the region is for refined products and we don’t have a refinery.”
Jagdeo’s remarks came amidst a pitch by Trinidad’s Energy Minister, Stuart Young at the Guyana Energy Conference and Supply Chain Expo on Tuesday, where he advocated for collaboration within the region to address energy challenges collectively. Young had questioned how many of Guyana’s oil barrels are going towards regional energy security, adding that the Trinidad’s infrastructure can be leveraged for processing same.
However, Vice President Jagdeo raised concerns about the practicality and cost-effectiveness of such collaborations, particularly in light of Trinidad’s mothballed refinery since 2018. Overall, he emphasized the need for solutions that prioritize affordability and competitiveness, pointing out the challenges surrounding regional transport links and private investment.
Jagdeo also stressed the importance of renewable projects that could tie into the region’s energy grid, suggesting a shift towards sustainable energy solutions as a long-term strategy for smaller Caribbean states.
