Guyana’s President Mohamed Irfaan Ali has signalled a renewed push to establish an oil refinery in the country, describing it as a critical national security priority amid growing global energy uncertainty.
Speaking at the 136th General Meeting of the Georgetown Chamber of Commerce and Industry at the Guyana Marriott Hotel Georgetown on March 19, Ali said recent geopolitical tensions and supply chain disruptions have reinforced the need for Guyana to strengthen its energy independence.
“Now, I believe we should return to the conversation of a refinery for national security,” Ali told members of the business community.
He explained that while Guyana had previously prioritised expanding fuel storage capacity, ongoing instability in global energy markets—particularly threats affecting key shipping routes like the Strait of Hormuz—has exposed vulnerabilities for fuel-importing nations.
Despite being a major oil producer, Guyana still relies heavily on imported fuel, especially for electricity generation.
Ali noted that the country’s fuel bill remains significant and could increase further if global prices spike.
He said investing in refining capacity would give Guyana greater control over fuel supply and pricing, while strengthening long-term energy security.
The move marks a shift in approach after years of resistance to refining proposals. For many years, the administration of former Trinidad and Tobago Prime Minister Keith Rowley had sought to convince Guyana to utilise the Petrotrin refinery in Pointe-à-Pierre.
The facility was shuttered on November 30, 2018, due to high debt, significant annual losses, and inefficiency.
However, in 2023, Guyana’s Natural Resources Minister Vickram Bharrat dismissed the proposal, saying it did not align with the country’s long-term energy strategy.
“We’re looking to build our own refinery in country,” Bharrat said at the time, emphasising Guyana’s push for energy self-sufficiency.
Ali also pointed to ongoing investments in energy infrastructure, including the gas-to-energy project, which is expected to reduce dependence on imported fuels and lower electricity costs.
He stressed that collaboration between the government and private sector will be key as Guyana navigates global uncertainties while sustaining economic growth.
“We are closely monitoring the situation. We are vigilant, we are responsible, and we stand ready to make the necessary adjustments,” the president said.
Ali added that the renewed focus on establishing a refinery forms part of a broader strategy to safeguard Guyana’s economic future and reduce exposure to external shocks in an increasingly volatile global energy landscape.
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