Formulating Decision Rule 2: A state-owned oil refinery

Introduction

Last Sunday’s column (September 3) marked one year of uninterrupted weekly articles addressing the topic: ‘Guyana in the coming time of its oil and gas industry, circa 2020’. A longer series on Guyana’s extractive sector has been ongoing since December 27, 2015. The topic currently being addressed: whether Guyana should establish a local oil refinery, is the penultimate one in the series.

These columns aim at fostering a critical mass of educated/informed Guyanese on the topic. They do not promote any sale of services, silent agendas, self-advertisement, or other hidden wares. My conviction is simply that, Guyana’s best defence going forward with the industry depends on its inclusiveness, nimbleness, innovation and creativity. In truth, there is a humungous variety of global experiences from which to draw lessons; indeed more than six decades of trial and error, as well as resource blessings and curses. There is nothing ….

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Decision Rule 2: No overall economic justification for a state-owned, controlled and operated oil refinery

Introduction Last week’s column was aimed at walking readers who are unfamiliar with economic feasibility studies, through the PowerPoint presentation by Pedro Haas of Hartree Partners, on the feasibility study for a state-owned Guyana refinery.

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More on formulating Decision Rule 2: The Haas Guyana Refinery Study

Introduction Today’s column aims at walking readers through the Guyana Refinery Study, presented in a talk by Pedro Haas of Hartree Partners, in May this year.

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Decision rule for a local oil refinery with no state support

Introduction: Proviso It is worth repeating: my two previous columns had sought to make it abundantly clear that if a local oil refinery is established, which is wholly owned, managed and operationalized, either separately, or through a partnership (or some other joint arrangement), involving only 1) foreign investors (whether private, state, or some combination thereof), or 2) domestic private investors, this would be acceptable in my judgement, subject to one important proviso or caveat.

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More on the efficacy of a local oil refinery

Introduction – Re-cap As posited last week, it is my view that the true essence of an oil refinery that is deemed local, lies in its type (form) of ownership, management, and operationalized control.

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Guyana: On appraising the efficacy of a local oil refinery

Introduction As indicated last week, today’s column initiates a presentation in the coming weeks, of my considered view on the efficacy of Guyana establishing a local oil refinery, in order to exhaust successfully the potential benefits of its recent oil and gas discoveries.

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