Guyanese could be paying significantly less for fuel in the near future with the establishment of an oil refinery, the first of its kind in the South American country. A Guyanese born private investor is currently in the country meeting with stakeholders to finalise funding, site location, preparation, and documentation. If negotiations are successful, the refinery could be assembled and become operational in as little as 12 months.
The investor said that the refinery would have the capacity to produce 100,000 to 200,000 barrels per day. More than 5,000 new jobs directly related to the industry would be created.
The establishment of the refinery, the investor noted, is not dependent on an imminent discovery of oil in Guyana. A large volume of oil is already being produced in the region which provides a need for such a facility, he said.
Oil and gas exploration companies Repsol and CGX Energy are scheduled to begin drilling operations off Guyana’s coast shortly at locations believed to contain massive deposits of oil.
These are the most funny headlines. Does anyone know the cost of setting up an a oil refinery. It is so expensive that I don't think any new oil refinery has been set up over the past 20 years or so.
ReplyDeleteLike many others who make these statements and get very poor informaed government ministers exited. It just shows how gullible the government is.