With a decision up in the air, Guyana is actively considering where is the best place to refine its petroleum as preparations continue towards the March 2020 date for oil production.
Natural Resources Minister, Raphael Trotman, said on Friday that the Cabinet is still in consideration on whether to have the petroleum refined at home or abroad, in the region or further afield.
Trotman reminded that already oil producing Trinidad and Tobago has made a formal request to refine Guyana’s petroleum, noting that the twin-island republic already has the existing capacity.
That option, he reiterated, is being considered as the government also looks at the possibility of refining at home and thereby providing jobs for locals.
The Minister said too that the government also has the option of asking ExxonMobil to do its own refining.
“No decision has been taken but it is actively being considered,” he added.
Trotman added that there are a number of political and economic considerations that Cabinet has to consider and decide upon.
If refining is done here, the government or private sector will be required to invest US$5 billion to build the necessary facility.
All the options before the government have its advantages, Trotman noted.
A study has already been conducted on the options for the refinery which Cabinet is likely using to inform its consideration.