30,000-bpd oil refinery to be finalised by year-end – President Ali

President Dr. Mohamed Irfaan Ali has revealed the government’s intention to finalise the 30,000-barrel-per-day oil refinery in Region Six (East Berbice-Corentyne) by the end of the year.

Several bids have been submitted for the design, financing, and construction of an oil refinery at the mouth of the Berbice River.

The president made this revelation at the commissioning of the $125 million Corriverton Entertainment Park on Saturday last.

“As we come closer to realising the opportunity with the energy project here in Region Six, we are working on the 30,000-bpd refinery- the proposals that came in- because we are hoping that before the end of this year, we must finalise the refinery,” he said.

President Ali underscored that the proposed refinery will reshape the region’s economic outlook, generating abundant opportunities for its residents.

 “For those who cannot be excited with the development that is taking place across our country and here in Region six something is wrong with them,” the president stated.

An oil refinery is a factory that turns crude oil into useful products like diesel, gasoline, lubricants, and heating oil, among others.

Following extraction from the ground, processing at oil refineries is the second step in the production of different petroleum products.

Once the refinery in Berbice commences operation, Guyana can sell different parts of crude oil to various industries. These industries will use the oil for transportation, road construction, producing electricity, and creating raw materials for chemicals.

This will attract global investments given the rise in fuel prices worldwide. Also, as time passes, heating costs are increasing, therefore, the need for more refineries to turn crude oil into gasoline and diesel.