Introduction
In recommending the establishment of a National Oil Company (NOC) in Guyana by the next decade, I am also explicitly rejecting any notion of twinning this policy recommendation with the establishment of a state-owned (or joint venture, state-private) downstream “oil” refinery. This rejection also refers to the much touted “mini-oil refinery” that was once very popular in local circles. I have developed my arguments on this in a score of previous columns (May 28, 2017 to October 29, 2017).
Relatedly, I also reject the IMF proposal for a State Holding Company. This is because, as conceived it is restricted and confined to financial interests, with very limited involvement in operational decision making. I am however, quite sympathetic to the recommendation for the establishment of a National Energy Company, as distinct from a NOC. On this matter, readers would recall that the establishment of an Energy Ministry or Agency, along with the Buxton Proposal for cash transfers, have been my two leading recommendations, for spending Guyana’s expected windfall earnings from its oil discoveries.