Vice President, Dr. Bharrat Jagdeo on Thursday revealed some of the challenges the Government of Guyana is encountering in finalizing the selection of a credible contractor for the country’s first oil refinery.
He said, “There are several iterations of this. Because some people who said they could raise the money, when we look at their track record and their submission as to where they will access the financing you see it’s not credible. You have to constantly go back to the drawing board.”
With Guyana’s oil production already at 645,000 barrels per day, the necessity for a refinery to process this abundant resource remains a top priority for the administration.
Last month, Dr. Jagdeo disclosed the government’s ongoing interest in establishing an oil refinery, even amidst the dynamic landscape of international energy markets. The Dominican Republic, along with four other entities emerged as contenders to construct the refinery in the Berbice region.
The government’s call for proposals, initiated in October 2023, sought a qualified company capable of designing, financing, and building a modular refinery. Initially slated for commencement in early 2024, with completion anticipated within two years, the project has encountered delays as evaluations continue and deliberations persist.
