President signals possible return to domestic oil refinery plan

President Irfaan Ali has indicated that Guyana may revisit plans to establish a domestic oil refinery, citing national security concerns amid ongoing global energy instability.
Addressing the 136th Annual General Meeting of the Georgetown Chamber of Commerce and Industry, Ali said recent disruptions in the global energy supply, particularly linked to tensions affecting the Strait of Hormuz, have intensified discussions on refining locally to shield the country from external shocks.
“Whilst one of the strategies is to increase our storage capacity and take it to a few months, where we can have better control of price differentials and extreme shocks on the market, now I believe we should return to the conversation of a refinery for national security because this challenge has really opened up discussions globally,” Ali said.
He noted that boosting fuel storage has been a key strategy, but the current crisis has underscored the potential benefits of a domestic refinery in ensuring a more stable supply of refined petroleum products.