President Bharrat Jagdeo meeting representatives of GOPEC International Limited at State House yesterday.

Vice President and Managing Partner of the company Glenn Walters, in an invited comment to the Government Information Agency (GINA), said during the meeting with the Guyanese Head of State, an outline of the company’s plans was presented. The refinery, he said, will include an energy and deepwater park.

He said President Jagdeo was adamant in his advice on meeting timelines and completing preliminary works to pave the way for the refinery which is estimated to take about five years to be established. The projected cost is estimated at US$9B.

Walters who served in the oil refinery business in Texas, United States of America said GOPEC International is a company that specialises in executing projects of this nature.

When asked why Guyana was targeted for this project, Walters said the country’s geographical position was suitable, coupled with the fact that it is closer to Brazil and other sources of crude oil.

“There are several strategic reasons, in terms of its physical location outside of the hurricane belt. As you know hurricanes are getting stronger and more powerful every year so this is a good place to keep an oil refinery outside of the hurricane belt… one thing that could be an icing on the cake is if Guyana find its own oil and gas,” Walters posited.