Guyana plans domestic refinery to bolster energy security

President Irfaan Ali has announced that Guyana’s proposed national oil company will focus on establishing a domestic refinery to enhance energy security. The strategy aims to reduce fuel costs and protect the nation from global price volatility by addressing the current reliance on imported refined products like gasoline and diesel.

Rather than acting as a direct investor in offshore crude production, the new entity is intended to take a holistic approach to the entire supply ecosystem. Additionally, the government plans to significantly expand national fuel storage capacity, exploring options to maintain between 30 and 120 days of supply to support the country’s economic development.