Introduction
In concluding last Sunday’s column (May 21), I had indicated that, starting today, I would offer commentary on the topic: establishing a local refinery to process Guyana’s expected production of crude oil, post-2020. Several public calls have been made in support of such a policy initiative. Indeed, supporters of this view represent a local oil refinery as the ultimate expression of Guyana’s pursuit of the autonomous development of its extractive sector. In this regard I have previously observed this stance is based on the development axiom: Guyana should produce, all it can produce. For this reasoning, if no other, the topic warrants public consideration. The commentary I will provide serves also to wrap-up my discussion of the topic: local content requirements/policies (LCRs) in the petroleum sector.
It is perhaps appropriate therefore, that I recap for readers