Refinery key to Guyana’s national oil company plans – President Ali

President Dr Mohamed Irfaan Ali has clarified what government means when it talks about a national oil company, stating it would not be a state-run firm producing or investing in oil, but rather an entity built around a domestic refinery to bring down fuel costs and protecting Guyana from global price shocks.

The clarification matters because Guyana, despite producing crude oil offshore, imports all of the refined gasoline and diesel used at the pump. This means every spike in global fuel prices is passed on directly to Guyanese consumers and businesses.

“We cannot have crude oil and don’t have security of supply,” the president said. He further explained that a refinery would give the country control over its own fuel supply and “some shield against shocks that are currently existing.”