Why a NOC is needed but a state-owned refinery makes no economic sense

Introduction

In last week ‘s column I had referenced the circumstance whereby, following sporadic social media and press reports ascribing to the Authorities an intent to build modular oil refineries, I have been encouraged by readers to pursue two  separate but linked tasks. These are 1] to re-visit my earlier recommendation for the establishment of a National Oil Company, as a top priority and 2] to re-evaluate whether under present circumstances, the construction of a state-owned refinery makes economic sense; that is essential for sustaining Guyana’s continued economic growth and development, at this stage of its emerging petroleum sector.