GUYOIL commissions $294M solar-powered complex

─ “the future is here”- Min. Jordan tells company

DPI, Guyana, Friday, September 6, 2019

Answering the call by His Excellency, President David Granger for Guyana to move towards a Green Economy, The Guyana Oil Company (GUYOIL) today commissioned a $294M, green office complex and storage facility at its Providence location.

The modernisation of the facility commenced in June 2017 and is aimed at housing key staff members closer to the unit.

Unveiling the plaque to the new building, Minister of Finance, Hon. Winston Jordan said the oil company is moving in a direction that will eventually set Guyana apart.

“Solar power ranks highly among the cleanest and most green energy sources since no pollution is created in the generation of electricity. Evidence has also shown, that although renewable energy requires upfront capital, it is one of the lowest cost energy options available, which is the most compelling reason why it is utilised globally.”

Minister Jordan said the investment, while it is supporting the country’s long-term development strategy will, at the same time, reduce the country’s expenditure, improve its profitability and put it in a better position to make larger dividends and other transfers to the treasury. The oil company he reminded has been a net contributor to the economy.

Transferring the economy into a green economy requires the support of all stakeholders, particularly key companies such as GUYOIL, he noted.

According to Minister Jordan, the construction of the facility is a positive development as it indicates the great strides the economy is making.

“If people are constructing, they are showing faith in the future. They would have made their own assessment and would have concluded that it is worthwhile putting down a permanent structure.”

Chairman of the Board of Directors, Mark Bender said the upgrade of the facility creates the right environment for staff to operate.

“This is a green building. It is going to be 100% solar-powered in keeping with the dictates of the Green State Development Strategy and as a state-owned enterprise, we really believe that GUYOIL has a role to play in supporting that policy.”’

CEO of the oil company, Renatha Exeter said GUYOIL is reaching the ‘green’ energy objective of transitioning Guyana to the use of renewable energy.

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