The Irfaan Ali-led administration wants an oil refinery built in Guyana, and the United Arab Emirates (UAE) is the latest country to signal an interest in the venture.
President Ali revealed the UAE's interest at a press conference held at his Georgetown office on Monday.
"As you know, we had a visiting government and investment delegation from the UAE a few weeks ago. I think it was three weeks ago, and one of the proposals they had was on the refinery, and we have two other such proposals," the President told reporters.
Dr. Thani bin Ahmed Al Zeyoudi, the UAE's Minister of Foreign Trade, along with private sector representatives from that country, met with President Ali in Georgetown in early July as part of the UAE Trade Days initiative.
Following the meeting, President Ali shared on his Facebook page that the two sides explored partnerships in several sectors.
"We discussed development opportunities across both the public and private sectors, including agriculture and agro-processing, energy, security, digitisation, aviation, pharmaceutical development, and other key areas," a post on the President's official Facebook page noted.
On Monday, the President highlighted the UAE's interest in investing in a refinery. The UAE operates multiple oil refineries at a combined capacity of more than one million barrels per day.
In 2022, a Request for Proposals was issued by the Ministry of Natural Resources for the design, financing, and construction of a refinery on about 30 acres of land at Crab Island, at the mouth of the Berbice River. The government said it would provide the land and supply oil from Guyana's share of profit oil produced offshore.
Notably, "generous fiscal incentives" — including a 10-year tax holiday — were offered for the project. Despite significant government support, it was made clear that the project would be strictly financed and owned by the private sector.
The Ali-led administration is serious about establishing an oil refinery to harness some of the country's crude oil for domestic and possibly regional demand. In an exclusive interview with Fueled on the sidelines of the 2026 Offshore Technology Conference, President Ali said some investors are interested in a facility capable of processing about 100,000 barrels of oil per day.
As the refinery concept takes shape, the President also sees a need for complementary infrastructure to support energy security and create wealth. A mega storage facility for oil produced offshore is one venture he is seriously considering. Dr. Ali also believes a logistics hub could support the transportation of refined products to northern Brazil and around the Caribbean.
At Monday's press conference, the President said the government has also received a few proposals for fuel storage facilities.
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