President Bharrat Jagdeo recently held discussions with Bahamas-based GOPEC International Limited which is considering building an estimated US$9B oil refinery here.

In an invited comment GOPEC Vice President and Managing Partner Glenn Walters told the Government Information Agency (GINA) an outline of the plan was presented at the meeting and it includes an energy and deepwater park. He said the president was adamant that timelines and deadlines for completing preliminary works be met in order to have the refinery established in the estimated five-year period.

Walters said Guyana was targeted for this project because of its advantageous geographical location and its proximity to Brazil and other sources of crude oil. He said too Guyana was ideal because it was “outside of the hurricane belt. As you know hurricanes are getting stronger and more powerful every year so this is a good place to keep an oil refinery outside of the hurricane belt… one thing that could be an icing on the cake is if Guyana find its own oil and gas.”

GINA said Walters was a professional in the oil refinery business in Texas, USA and GOPEC International specialises in executing projects of this nature. Prime Minister Samuel Hinds and Adviser to the President on Community Development Odinga Lumumba also attended the meeting which was held at State House.

The possibility of a refinery here has been floated before. A proposal had been submitted several years ago to the government for one near to Crab Island, Berbice. The US$500M proposal saw the signing of a memorandum of understanding with the proposed investor Romeo Cipriani. At last word environmental clearances were being sought.