A second study into the feasibility of the construction of an oil refinery in Guyana should be done when more operators are working in the industry, President of the Georgetown Chamber of Commerce and Industry (GCCI) Deodat Indar says.
“What I will say concerning the refinery is that a second look must be done. I believe that in the beginning years of any country’s development, a refinery might not be the best thing or the first thing you look at. But at the back end, in terms of all the downstream things you can get from a refinery, is what gives a country the true economic benefit. Things like rubber, all those oils and a whole lot of things,” he said, responding to a question at a press conference yesterday on whether the feasibility of a refinery should be considered again. Even though the country does not have the capacity to consume all the oil that will be produced, the country’s neighbours and partners can play a major role, he added.
“I believe that a second study should be done at a time where other partners are checking in and not just Exxon [Mobil]. You have Tullow coming, you have Chevron… You also have Total coming, Repsol. By the time those companies are drilling, you have a whole industry [and] you only have one operator right now. When the rest of them come on board and they are successful in their find, let’s have that analysis, recommission back the study,” Indar emphasised.
