President Dr. Irfaan Ali has expressed the government’s intention to facilitate the construction of a new oil refinery at Crab Island in Region Six – East Berbice-Corentyne. He believes that the project could be finalized by the end of the year, presenting an opportunity to position the region as a burgeoning energy hub.
While addressing residents at the opening of the Corriverton Recreational Park, President Ali stated, “We are hoping that before the end of this year, we must finalize the refinery project to be done right here in Region Six that would add and create even more opportunities for Region Six.”
In January, Finance Minister Dr. Ashni Singh announced that the government had received nine proposals for designing, financing, and constructing the refinery. In August, President Ali and Dominican Republic President Luis Abinader signed a Memorandum of Understanding (MoU) for establishing an oil refinery in Guyana with the potential to process a minimum of 50,000 barrels of oil daily. The Dominican Republic is set to become the majority shareholder with a 51 percent stake in this venture.
The government has not yet determined the entity responsible for building the refinery, but President Ali previously acknowledged that the Dominican Republic’s involvement enhances the project’s viability. Furthermore, President Ali informed the residents that the energy sector would have a strong foundation in Region Six.
The region is expected to have a deep-water port that will support the development of the energy sector in both Brazil and Guyana. The news also highlighted that Region Six would reap benefits from the establishment of a manufacturing hub and an increased emphasis on business and tourism opportunities.
