President Dr. Irfaan Ali said Guyana is in discussions for the construction of fuel storage facilities that could help guarantee a stable energy supply for the region.
Speaking at a press conference on Friday, the Head of State said storage infrastructure is becoming increasingly critical as global shocks — like the developments in the Strait of Hormuz, the narrow waterway through which a significant portion of the world's oil supply passes — continue to expose vulnerabilities in regional supply chains.
“We’ve had many interests in storage facilities, those are ongoing conversations.
“But definitely we will have to invest in the energy security of Guyana and work with our regional partners in terms of what is needed for the region itself,” the President said.
However, storage alone is not enough. President Ali stressed that a secure and consistent supply of crude oil and refined products must underpin any storage strategy. He reiterated his interest in the construction of a local refinery, a move that could significantly reduce Guyana's dependence on imported refined fuel and strengthen the country's position as a regional energy hub.
NATURAL GAS DEVELOPMENT
On the gas front, President Ali reaffirmed his administration's focus on harnessing Guyana's natural gas resources to drive onshore development. The first gas-to-energy project at Wales, Region Three, is already in progress, with a second venture expected to come online in Berbice.
The President explained that efforts are being made to quickly monetise the gas resources while also building onshore facilities that will absorb the natural gas. Power plants, fertiliser facilities and data centres have been previously identified as potential investment opportunities.
Guyana is also seeking partnerships with neighbouring Suriname, envisioning the joint development of oil and gas resources. The partnership could prove significant, with both nations exploring the possibility of a shared pipeline to jointly monetise their gas reserves.
"The conversation with Suriname is important to see how they will treat their gas. We are working towards having our pipeline and see whether they will feed into our pipeline," Dr. Ali told reporters.
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