– company plays a critical regulatory role –  President
The largest Guyoil Service Station in Guyana was commissioned at Diamond on the East Bank of Demerara yesterday, two days after making history when a 40-foot container-hauler unit drove into the station. Directors of the station related the proud news that never before has any Guyoil station accommodated such a large vehicle.
But President Bharrat Jagdeeo, who officiated at the commissioning ceremony, was more proud of the fact that the $170M investment is another good example of the company’s good track record of growth and development
“The investment that is represented today means that we are expanding the public sector,” President Jagdeo said.
The decision to keep the Guyoil service station in the public sector rather than go private was a conscious move which the President said was in recognition of the company’s contribution, not only as a net contributor to government revenue, but the critical role it played in regulating the behaviour of the other oil companies in Guyana.

“Often regulatory systems (systems that are designed to protect consumers) don’t operate unless you have an entity that is directly involved in competition with those who would seek to corner the market… and rip off the consumer,” President Jagdeo said.
The unscrupulous practices of some private companies in Guyana to ignore the need to adjust prices when oil prices fall on the world market, was highlighted by the President.
The Head of State said although Guyoil is a high profit maker, the service station adjusts prices based on movements on the world market prompting others to follow.
“Over the years, the intense interest that we (Government) have had in Guyoil, from the perspective of the Ministry of Finance and my office to ensure that, while they made money, they ensure that we have an adequate and competitively-priced supply of products to the market,” the President said.
The station came into existence through the support and encouragement of the Finance Minister and President Jagdeo who showed commitment to the company having its own corporate office located on a one-acre plot of land formerly owned by the Guyana Sugar Corporation (GuySuCo).
Actual construction began in September, 2009, and by mid-March this year, the project was complete, fulfilling the regulations of the Environmental Protection Agency (EPA) and the Guyana Fire Service.
The station comes with a GuyShop Convenience Store, an underground 15,000 gallon fuel storage tank, four dispensing pumps capable of servicing seven vehicles at one time, a Guyoil service and wash bay, a 50 KVA powered generating set and a 3000 gallon water storage reservoir.
Three weeks ago the station opened its doors to business; and according to its Managing Director, Badrie Persaud, business has ‘kicked off.’

The 24 persons employed at the station, inclusive of pump attendants, are all from the area and more will be employed with the soon-to-be food court.
President Jagdeo said the service station is situated in a community which is soon to benefit from an extension of the four-lane highway, among several other developmental projects.
The last Guyoil service station to be commissioned was on July 23, 1993, long before crude oil escalated beyond expectation, according to the station’s Managing Director Badrie Persaud.
“The days of US$30 and US$40 per barrel for crude are long gone and have become history. High prices are here to stay and world economies have to get adjusted to crude at  prices US$78 and even higher per barrel,” said Persaud.
Instead of facing a negative effect, the Managing Director said Guyoil managed to adjust to the change of having to do business in environments where profit margins were small.
He said the company formulated a strategy to expand into the retail fuel business; and as a result of this endeavour, was able to expand and intends to go to greater heights.
“In a month’s time or so we shall be commissioning a station, not as large as this one, in Berbice, at a village called Palmyra, and before the end of the year, we plan to have a service station on the Essequibo coast.

Minister of Finance Dr. Ashni Singh, who also attended the event, was more elated about the community in which the station is located and the large number o f people who will be served. Diamond has a population of over 40,000 residents and is regarded as one of the largest emerging urban centres.
Minister Singh said several of his official visits to the community related to major commissioning ceremonies of projects that are beneficial to Diamond. Among these are the construction of the new well, turning of the sod for one of the three commercial banks to be constructed, and the opening of the East Bank Demerara regional hospital, located at Diamond.
“There are so many events that have reflected the remarkable transformation that has been taking place in the Diamond/Grove area, and that is so reflective of the transformation that is taking place in so many other parts of our country,” Minister Singh said.