Finance Minister Dr. Ashni Singh announced on Monday that nine proposals were submitted to the government for the design, financing and construction of a local oil refinery at Crab Island, Region Six (East Berbice- Corentyne).This privately-owned facility is expected to refine 30,000 barrels of oil daily, meeting Guyana’s and the region’s energy needs.And Dr. Singh said the government will evaluate the bids in the first quarter of 2023, with the government hoping that the facility will be operational by 2025.Previously, the government promised “generous fiscal incentives” for the project, including a 10-year tax holiday.“GoG will not have any ownership or investment interest in the project,” the government’s Request for Proposals published in a daily newspaper last year stated.President Dr. Irfaan Ali last year reminded Berbicians that the government was in support of this project because it will help to cushion the impact of global oil price increases.This project is also an important part of Guyana’s projected energy mix, wherein the country will meet its growing energy demand through a combination of diesel, natural gas and other renewable energy sources like solar, wind and hydro power.
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