A US-based consortium says it will invest US$75M to build Guyana’s first oil refinery in the next 18 months.
“It is expected that within 18 months, an estimated US$75M will be spent to establish the facilities which will also be providing over 100 jobs and ultimately see cheaper fuel for Guyana”, said a statement from the companies, Prime Energy and Chemical LLC, Kuai Energy Systems and Chemex LLC of the US.
Dr. Turhane Doerga, International Director of Prime Energy and Chemical LLC, whose offices are in Miami, has said that they are in talks with government and an information session with stakeholders is to be held tomorrow at the Princess Hotel with stakeholders. According to Dr. Doerga, the conglomerate which has been eyeing the Caribbean for a while now, will be sourcing its crude oil from companies in the region, in the beginning.
However, the idea is to forge ties with local explorers.
“We are very much aware that there are several initiatives including the current exploration at Takutu. We are hoping to buy the crude from them”, the statement quoted him as saying.
Jerry Brooks, President of Prime Energy noted that the mini-oil refinery could be adjusted to include a power plant.
Production at the refinery could start within 18 months, Dr. Doerga said. “This is a significant investment for us and for Guyana. On Wednesday, we will be providing more information and stand ready to embark on this very exciting project”, he was quoted as saying.
There had been plans for a similar initiative several years ago in Berbice but they did not fructify.
