Introduction
As I advanced last week, clearly my proposal for the authorities to establish a national oil company, NOC, based on NRGI precepts, does not ipso facto constitute a recommendation favouring the creation of a state-owned and or joint venture, JV, oil refinery. I therefore repeated my earlier advice that, there is no sound economic basis for the Government of Guyana, GoG, to invest its expected petroleum revenues to create value-added refining to its crude oil exports, especially given the prevailing global and national environment. Further, there is no sound economic reasoning favouring 1] the provision of subsidies, implicit or explicit, 2] the distortion of market efficiency to support mis-guided private capital for building and /or operating same.