GEORGETOWN, Guyana – A significant investment is on the horizon for Guyana’s oil and gas sector, with plans to process 30,000 barrels of oil daily by the end of the year.
President Dr. Mohamed Irfaan Ali announced that this initiative aims to satisfy national demand and provide services to neighboring Brazil and the wider region.
“This will lead to the availability of refined products in Guyana at lower prices, establishing our country as a hub for the region,” the president stated during the opening ceremony of the Guyana Energy Conference and Supply Chain Expo at the Marriott Hotel in Georgetown.
The project is projected to generate a minimum of US$300 million in investment over its first two years. The government is currently finalizing the details to ensure optimal benefits for Guyana and the surrounding area.
This venture transcends mere commercial interest, with plans to likely have a storage facility established outside Guyana, as explained by President Ali.
“Imagine creating a refined product hub for northern Brazil right here. This kind of investment brings significant logistical and economic opportunities. These are transformative investments we are pursuing,” he emphasized.
The impacts of this initiative will extend to other essential sectors of the economy, including maritime, transport, and logistics, while also creating thousands of jobs.
The government is also exploring the feasibility of a 30,000-barrel oil refinery in Berbice, which would enable the country to market various refined products to different industries.
An oil refinery converts crude oil into valuable products, including diesel, gasoline, lubricants, and heating oil.
Additionally, the President of the Dominican Republic, Luis Abinader, revealed his country’s readiness to finalize petroleum exploration agreements with Guyana as part of a 2023 Memorandum of Understanding.
He made this announcement during his keynote address at the opening of the Guyana Energy Conference & Supply Chain Expo, underscoring a commitment to strengthening bilateral relations.
In previous discussions, President Abinader and President Ali have aimed to enhance cooperation in areas such as energy, food security, and workforce development.
“After thorough studies, the Dominican Republic is prepared to finalize agreements regarding the Berbice Block, collaborating with the Ministry of the Environment, and hopes to mirror the success of your nation,” the Dominican leader remarked.
A feasibility study for establishing a petrochemical fertilizer plant has also been completed.
“Initiatives like the oil refinery represent significant financial and industrial decisions requiring long-term strategic planning. We are reviewing multiple alternatives that we aim to present to our Guyanese counterparts soon,” President Abinader disclosed.
The Dominican Institute for Technical and Vocational Training will spearhead efforts to create training opportunities for technicians across various industries.
President Abinader expressed that this initiative, successful in his country, will contribute to Guyana’s development. He highlighted the collaborative projects between Dominican and Guyanese agribusinesses to utilize technologies for enhancing crop yields.
“Our objective is to maximize Guyana’s rich lands and productive conditions, ensuring robust yield profitability and achieving food security for both our nations,” he noted.
The president highlighted the shared visions of Dominica and Guyana for innovation, industrialization, and economic sovereignty, paving the way for intensified collaboration.
“Guyana’s vision aligns with ours. Our nation must move beyond providing raw materials to becoming integral in manufacturing high-value technological products,” he added.
President Abinader commended His Excellency Dr. Mohamed Irfaan Ali’s leadership in fostering sustainable economic growth, noting that the remarkable progress over the past four years is set to continue, which will benefit Guyana and the Caribbean region.
The Dominican Chamber of Commerce in Guyana is facilitating new opportunities for both nations, promoting investment prospects and mutual understanding.
“Guyana is fortunate to have such a visionary leader like President Ali. We have discussed this vision extensively, and I am confident it will guide Guyana towards comprehensive development,” the Dominican leader remarked, expressing unwavering support for Guyana’s national sovereignty and economic zones.
“We respect your dedication to democracy and social progress, and you can count on the support of the Dominican people and the international community. The Dominican Republic will always be an ally and friend,” he affirmed.
The 2025 edition of the Guyana Energy Conference & Supply Chain Expo commenced under the theme “Connecting the Dots: Integrating the Future,” running until February 21st. The event aims to unite policymakers, investors, and major energy stakeholders to shape Guyana’s energy landscape.
