President Dr Mohamed Irfaan Ali stated that the initiative is expected to meet national demand and extend services to neighbouring Brazil and the wider region.
“[It] will see refined products coming into Guyana at cheaper prices and that will see us creating a hub for the rest of the region here in Guyana,” the president disclosed, speaking at the opening ceremony for the Guyana Energy Conference and Supply Chain Expo held on Tuesday at the Marriott Hotel in Kingston, Georgetown.
In its first two years, the project will see a minimum of US$300 million investment, president Ali said. The government is finalising the details to ensure maximum benefits for Guyana and the region.
The venture involves more than just a commercial partnership. President Ali explained that the storage facility will likely be established outside Guyana.
“Imagine us creating a refined product hub for the region, for northern Brazil, here. Imagine the type of other logistical and value creation and opportunity that it will bring. These are the type of investments we are pursuing: transformative investment,” the head of state emphasised.
This venture will have a ripple effect on other key sectors of the economy, including maritime, transport and logistics arenas. Further, thousands of jobs will be created through its successful operation.
The government is already exploring the viability of a 30,000-barrel oil refinery at Berbice, enabling the country to sell different parts of crude oil to various industries.
An oil refinery is a factory that turns crude oil into useful products, like diesel, gasoline, lubricants, and heating oil.
Meanwhile, president of the Dominican Republic, Luis Abinader has announced that his country is ready to finalise petroleum exploration agreements with the government of Guyana as part of a 2023 Memorandum of Understanding (MoU).
The Latin American leader made the announcement in his keynote address at the opening of the 4th edition of the Guyana Energy Conference & Supply Chain Expo on Tuesday, at the Guyana Marriott Hotel, Kingston Georgetown.
In 2023, president Dr Mohamed Irfaan Ali and president Abinader engaged in discussions to enhance bilateral relations between the two countries and signed several agreements to advance cooperation in energy, food security, and workforce development.
“Following extensive studies and exchanges between our Commissions, the Dominican Republic is now ready to finalise agreements on the location of the Berbice Block, which will soon be completed with the ministry of the environment, hoping to replicate the successful story of your blessed nation” the Dominican leader announced.
A feasibility study for the establishment of a petrochemical fertilizer plant has been completed.
“Regarding the oil refinery, this represents a major financial and industrial decision that requires long-term strategic planning. To this end, we are analysing various alternatives which we will soon present to our Guyanese counterparts. In the coming months, we will meet to make the final decision,” president Abinader explained.
The Dominican Institute for Technical and Vocational Training will operationalise a framework that will pave the way for training opportunities for technicians to support various industries.
The president noted that this undertaking has been very successful in his country and will aid Guyana’s development trajectory. In the area of agriculture, he highlighted that Dominican agribusiness entrepreneurs are exchanging projects with their Guyanese counterparts, leveraging technologies to establish enterprises to support crops in high demand.
“The goal is to leverage Guyana’s vast lands and enviable productive conditions, ensuring high yield profitability and achieving the food security that we all aspire for our countries,” he noted.
The president emphasised that Dominica and Guyana’s shared commitment to innovation, industrialisation, and economic sovereignty aligns closely, paving the way for deeper cooperation.
“Your vision for Guyana aligns with our own. Our nation must not only supply raw materials but also play a central role in the industry that manufactures high-value technological goods,” he noted.
Meanwhile, His Excellency, Dr Mohamed Irfaan Ali’s visionary leadership in driving sustainable economic growth was acknowledged and commended by president Abinader. He believes that the tremendous growth recorded over the past four years will be sustained, catalyzing growth and development for Guyana and the Caribbean and Latin America regions.
Driven by president Ali, the Dominican Chamber of Commerce in Guyana has opened up opportunities for both nations, fostering mutual understanding and identifying investment opportunities that will open up a new chapter in the nation’s shared history.
“Guyana is fortunate to have a visionary and dynamic leader like President Mohamed Irfaan Ali. His vision we have discussed on multiple occasions, and with no doubt, is the right path to our achievement of an integral development for Guyana and its people,” the Dominican Republic leader expressed. He also emphasised his country’s unwavering support to Guyana’s national sovereignty, including protection of its exclusive economic zones.
“We recognise your commitment to democracy and social progress. Therefore, you have our support, that of the Dominican people, of the Americas, and the international community. The Dominican Republic will always stand as an ally and as a friend,” he avowed.
The 2025 edition of the Guyana Energy Conference & Supply Chain Expo officially opened on Tuesday under the theme ‘‘Connecting the Dots: Integrating the Future’.
It will run until February 21st, bringing together policymakers, investors and major energy players to shape Guyana’s energy future.
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