Gov’t taking advice before decision on oil refinery

DPI/GINA, GUYANA, Friday, June 2, 2017

The government will take on board all advice before making any decision on the establishment of an oil refinery.

Minister of State Joseph Harmon made the pronouncement today at post Cabinet press briefing in response to questions from the media.

“We have to take on board all of the advice that is given and then at the appropriate time the minister (of Natural Resources) will bring a memorandum to Cabinet upon which we will cogitate and make a decision that is in the best interest of the people of Guyana,” Minister Harmon said.

Last month, Pedro Haas, Director of Advisory Services at Hartree Partners who was tasked with carrying out a feasibility study for an oil refinery in Guyana revealed that the cost to construct an oil refinery would be US$5 billion

The feasibility study found that it would be too costly for the government to invest in an oil refinery. Minister Harmon noted that Cabinet is still to review the findings of the study.

The consultant, who was secured through the New Petroleum Producers Group by Chatham House, said that the final results of the study show that Guyana would be “destroying over half the value of your investment the day you commission your refinery”.

 

By: Tiffny Rhodius