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Oil refinery MoU with Dominican Republic not set in stone – Jagdeo affirms

Aug 27, 2023 ExxonMobil, News, Oil & Gas

Kaieteur News – Vice President Dr. Bharrat Jagdeo has underscored that ongoing discussions for an oil refinery with the Dominican Republic are far from finalized.

The recent signing of a Memorandum of Understanding (MoU) between Guyana’s President, Dr. Irfaan Ali, and the President of the Dominican Republic, Luis Abinader

has spurred deliberations about establishing an oil refinery in Guyana capable of refining approximately 50,000 barrels of oil daily. Notably, the Dominican Republic is poised to hold a controlling stake of 51% in this collaborative endeavour.

During his customary weekly press conference last Thursday, Jagdeo fielded questions from reporters about the prospects of introducing a second refinery, especially since authorities had already announced plans for establishing a similar facility capable of taking off 30,000 barrels of oil.

In response, he reiterated that the existing capacity of Guyana’s oil sector can adequately accommodate a single refinery at this time.

In a subsequent press conference this week, Jagdeo was once again pressed for insights into the status of the proposed oil refinery deal. When queried about its firmness, given the range of proposals submitted by companies and nations, he emphasized, “That has to be assessed against every other proposal.  Even the one with DR is not a done deal on the refinery aspect. Even the other elements of the MoU, it is all exploration. We need to have our gas strategy ready which we are turning our attention to now. We have not concluded anything because it has to be the best deal for the country.”

He stressed the importance of securing the best possible deal for the nation, not only regarding the refinery but also considering the broader aspects outlined in the MoU, primarily revolving around exploratory initiatives.

“The way we see it, if we go down that route for a refinery, there would only be one,” Jagdeo pointed out, again reiterating the government’s stance. He said to proceed; a thorough market exploration and a comprehensive evaluation of all submitted proposals are requisite steps. He also disclosed that the government received approximately 11 submissions through formal requests for proposals, alongside an additional five unsolicited proposals.

“But after assessing all of those, there can only be one. If we decide to go that route because simultaneously, we are exploring the route of strategic reserves, and we have to look at the two options side by side to see if they can solve the same problem or concern we have which is about energy security in Guyana,” Jagdeo affirmed.

He also disclosed that the government is actively deliberating the feasibility of tolling Guyana’s oil abroad. However, he emphasized that a meticulous comparative analysis of all feasible options is in progress to determine the course of action that aligns best with the nation’s interests.

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