Got TIPS or BREAKING NEWS? Please call + 1 284 346-6397 or 393-6397 or 1-284-494-1338-office; ads call 440-6666                               Tune into CBN-Telv chan 51 @ 6:00am; 12:00noon; 6:30pm & 10:00pm for Daily Caribbean News updates from Nevis; St. kitts; Dominica; St. Maarten & Barbados: CBN- keeps you connected to the rest of the World

Guyana ponders oil refinery

May 18th, 2017 | Tags:
The oil expert explained that an oil refinery carrying the US$5 billion cost to set up, would refine an average of 100 barrels of oil per day, but it would only employ about 300 people. Photo: News Source
NEWS SOURCE

An international oil expert, hired by the Government of Guyana as a consultant, has declared that it may not be feasible for Guyana to invest in an oil refinery.

Guyana is currently preparing for major oil production by 2020, and there have been calls for the country to invest in an oil refinery of its own.

But the oil expert, Pedro Haas, who is the Director of Advisory Services at US based company, Hartree Partners, told stakeholders last evening, that setting up an oil refinery in Guyana could cost over US$5 billion, and it is a financial risk that the country should not take. He does not believe it would be a feasible move.

Mr. Haas  has been looking at the feasibility of setting up an oil refinery here since January.

The oil expert explained that an oil refinery carrying the US$5 billion cost to set up, would refine an average of 100 barrels of oil per day, but it would only employ about 300 people.

During his presentation at the public meeting at the Marian Academy, he said building and operating a refinery in Guyana would be a risky investment that might not see returns to match that level of investment. For that reason, he said he would advise against the investment move.

Some members of the audience raised questions about the setting up of mini refineries. He said any such move would be a political decision and not a sound economic one.

3 Responses to “Guyana ponders oil refinery”

  • check your numbers (18/05/2017, 12:02) Like (2) Dislike (0) Reply
    any oil refinery that only processes 100 barrels of oil a day is so small it would fit in my garage!
    I think you meant 100,000 barrels per day
  • hey guyana (18/05/2017, 21:22) Like (6) Dislike (0) Reply
    dont believe anything the u.s. tells you
  • Con artists (23/05/2017, 21:59) Like (3) Dislike (0) Reply
    The hint to all this is in d very first line of this article.. "Pedro Haas, who is the Director of Advisory Services at US based company, Hartree Partners."... he working in the US FOR A US COMPANY.. WHO EXXON MOBILE MORE THAN LIKELY HAVE SHARES IN OR WILL SOON. . Long and short is they want everything go to AMERICA.. DEM DUTTY WHITE COLLAR DOGS.. THINK THEM BRIGHT...


Create a comment


Create a comment

Disclaimer: Virgin Islands News Online (VINO) welcomes your thoughts, feedback, views, bloggs and opinions. However, by posting a blogg you are agreeing to post comments or bloggs that are relevant to the topic, and that are not defamatory, liable, obscene, racist, abusive, sexist, anti-Semitic, threatening, hateful or an invasion of privacy. Violators may be excluded permanently from making contributions. Please view our declaimer above this article. We thank you in advance for complying with VINO's policy.


Follow Us On

Disclaimer: All comments posted on Virgin Islands News Online (VINO) are the sole views and opinions of the commentators and or bloggers and do not in anyway represent the views and opinions of the Board of Directors, Management and Staff of Virgin Islands News Online and its parent company.