The Private Sector Commission (PSC) is positive that the Gas-to-Energy project will enhance Guyana’s energy capacity and reduce dependence on oil imports, while positioning Guyana to achieve greater energy security and economic diversification while fostering regional competitiveness.
In a release on Friday, the PSC commended the United States Export-Import Bank (EXIM) for its approval of a $526 million loan to support Guyana’s transformative energy project, which will see the construction of a natural gas separation plant, a 300 megawatt combined-cycle gas turbine power plant, and a gas supply pipeline. It is expected to double Guyana’s installed electric capacity, substantially reduce carbon emissions, and stimulate economic activity through job creation and infrastructure development.
According to the PSC, this initiative marks a significant milestone in Guyana’s efforts to enhance its energy capacity and reduce dependence on oil imports and underscores the strong partnership between Guyana and the United States. It further welcomed this collaboration between the US, ExxonMobil, and joint venture partners Lindsayca and CH4 Systems, noting, that by facilitating cutting-edge technology and expertise, this project positions Guyana to achieve greater energy security and economic diversification while fostering regional competitiveness.
The release also lauded the United States Embassy in Guyana for its continued support and proactive engagement in advancing initiatives that contribute to Guyana’s sustainable development. It acknowledged the embassy’s role in fostering bilateral partnerships which has been instrumental in securing critical investments like this, which align with the country’s growth priorities.
Chairman of the Private Sector Commission, Komal Singh, spoke of the EXIM Bank’s commitment to advancing energy solutions that align with Guyana’s development agenda. “The Private Sector Commission acknowledges the US EXIM Bank’s commitment to advancing energy solutions that align with Guyana’s development agenda. We believe this project will serve as a cornerstone for sustainable economic growth and support the aspirations of our people.”
The PSC assured of its commitment to advocating for partnerships that drive innovation, promote sustainability, and strengthen the private sector’s role in Guyana’s development, the release added.