The Guyanese government is actively considering the construction of an oil refinery, engaging with potential investors to assess the viability of such a project.
Vice President Dr. Bharrat Jagdeo provided insights during a recent press conference, stating that discussions have progressed significantly, narrowing down the list of potential contractors to about five.
Among the parties expressing interest is a group associated with a Memorandum of Understanding (MOU) from the Dominican Republic (DR).
Last year, Presidents Ali and Abinader signed an MOU addressing the possibility of the DR establishing a refinery in Guyana.
Dr. Jagdeo emphasized that the ongoing discussions have deviated from the initially established parameters, with the government exploring various options to ensure the investment’s economic viability, sustainability, and overall benefit to the country.
The Vice President highlighted the importance of thorough consideration, given that such investments typically span 30 to 40 years.
While an oil refinery is one option, Dr. Jagdeo mentioned the potential pursuit of strategic reserves as an alternative.
The final decision will depend on careful evaluation, considering long-term implications and economic factors.