Guyana will continue to import oil from the existing supplier, Petrotrin of Trinidad and Tobago while it also considers markets in non-CARICOM Caribbean Islands.
A paper on steps to lessen supply disruptions was recently approved by the Board of Directors of GEA for Cabinet’s review Chief Executive Officer, Guyana Energy Agency (GEA), Dr. Mahender Sharma told the Government Information Agency (GINA).
These approaches encompass the identification of other markets that can be pursued, as well as mechanisms for improving local storage capacity. Upon receipt of Cabinet’s approval of the paper, the recommendations would be pursued.
GINA said that Sharma explained that energy security concerns have been brought to the attention of the Caribbean Community CARICOM Council for Trade and Economic Development (COTED) through several fora particularly, the 60th and 61st Special Meetings of COTED held this year.
Currently, applications to purchase oil from other sources are made on a case-by-case basis following notification from Petrotrin in Trinidad and Tobago, on the availability of supplies, GINA added.
GINA said that Guyana has, over time, experienced fuel supply disruptions from Petrotrin resulting in the major oil companies having had to import from alternative regional and extra-regional sources. In efforts to ease local shortages, the Government sought waivers of the CET levied imports from outside of the region through COTED, GINA added.