Investor for Berbice oil refinery to be identified by the first quarter of 2024 – Min Singh

The government is currently evaluating five proposals that were received to construct an oil refinery in Region Six and the final investor will be singled out by the end of the first quarter of 2024.

Senior Minister in the Office of the President with responsibility for Finance and Public Service, Dr Ashni Singh gave the update during his presentation on the country’s fiscal plan for 2024 in the National Assembly on Monday.

Initially, the government received nine proposals following the launching of requests for proposals (RFPs) in 2022, after which potential investors were narrowed down to five, which are now under evaluation.

“Following this, the top-ranked contender will undertake an Environmental and Social Impact Assessment at Crab Island for a facility designed to process at least 30,000 bpd,” Minister Singh stated.

The investment commitment from these shortlisted firms is expected to exceed US$1 billion, the finance minister underscored.

An oil refinery is an industrial plant where crude oil is processed to produce marketable petroleum products, such as gasoline, asphalt, and kerosene.

The construction plan for the refinery is aligned with the government’s vision of promoting value-added production and ensuring energy security for both Guyana and the Caribbean.

Guyana has the potential to market crude oil components to various industries for a broad range of purposes once a local oil refinery is operational.

These components can be used as fuels for transportation, paving roads, generating electricity, and as raw materials for chemical manufacturing.

It is also an integral part of the government’s developmental plan for Region Six.