DESPITE some growth in the use of renewable forms of energy globally, fossil fuels are going to be around for a long time, so Guyana would be well advised to embrace new methods of refining these traditional sources of energy and benefit immensely from doing so.
This point was made by officials of three oil companies based in the United States who met with local stakeholders Wednesday and briefed them on their plans to build an oil refinery here.
The meeting was held at the Princess Hotel Guyana, Plantation Providence, East Bank Demerara, under the theme ‘Expanding Guyana’s Energy generating opportunities’.
Prime Minister Samuel Hinds, minister responsible for mining and mineral resources, was a guest among many others, including University of Guyana students, staffers of the Guyana Energy Agency, of the Guyana Geology and Mines Commission, GO-INVEST, members of the Diplomatic Corps, opposition politicians and members of the business sector.
The presenters included Vidjai T. Doerga International Director of Prime Energy, Mr. Jerry Brooks Project Manager of Chemex,  Mr. Raul Arrondo Director of Prime Energy  and Mr. Carlos Villegas Director of Finance.
The presenters were unanimous in their opinions that given an anticipated unchanging demand for fossil fuels up to at least 2035, investment in an oil refinery here would be a venture from which both their company and Guyana would derive great benefits.
V. Doerga disclosed that the refinery to be built in Guyana would be of a type known as the modular mini refinery, acknowledged as the most up-to-date for distilling crude oil to make various products like gasoline, diesel, and heavy fuels, oils, and also lighter fuels, like naphta, propane and other gases.

He described the mini refinery as a power plant in a box since it was not only affordable but mobile.

Its establishment, or the establishment of more than one, will create jobs and provide high foreign currency savings for Guyana.

He said that the advantages of the mini refineries outweighed the benefits of the older permanent and fixed oil refineries.

The mini refineries also had far less adverse effects on the environment than the traditional larger ones.

Mr. Jerry Brooks spoke on the concept of mini refineries, a technical presentation which outlined the components of its systems, again highlighting the advantages over the traditional large scale refinery.

Mr. Raul Arrondo also spoke of the differences between the traditional and the new refining systems, stressing that this was the modern way.

Comparing fossil fuels with renewable forms of energy, he said, “We accept that hydro electricity is the most cost-efficient form of electricity, but we also know that hydro electric plants cannot produce 100% all the time; there are droughts, there are maintenance issues and so forth.

He stressed that there will always be need for energy from fossil fuels.

Mr. Carlos Villegas said that crude oil has been on top of the list of the sources of energy used worldwide over the past 20 years and will continue to be at the top for the next 24 years.

He noted that studies had shown that 87% of energy used in 1990 came from fossil fuels; 9% from renewable and 4 % from nuclear sources.

He said that after the recent problem in Japan, many countries were considering abandoning the use of nuclear sources of energy.

He charged that the problem with renewable sources of energy is that they are not economically viable.

Projections to 2035 showed that sources of energy being used would amount to 84% fossils, 10% renewable and 5% nuclear.

“It may be true that the world is changing with respect to sources of energy, but it is going take much longer than we think,” he said, adding that the mini refineries were a great source for refining crude oil, given the projections about a continued world-wide dependence as the primary source of energy.

Prime Minister Sam Hinds said he welcomed the team of investors and was intrigued by the concept of mini refineries and its potential for making a great impact on the local situation.

He expressed hopes that local oil exploration efforts would be successful so that the new approach could be implemented here.
V. Doerga said that studies will have to be done to identify the exact type of refinery which can be developed here and its location.
Following the completion of these studies it is expected that, within 18 months, an estimated US$75M will be spent to establish the facilities.
He stressed, “We are going to put up a refinery. It will be a fully private sector operation. We are going to make money out of it; but at the same time; its going to do the country a real good.”
An earlier release had stated that the conglomerate, which has been eyeing the Caribbean for a while now, will be sourcing its crude oil from companies in the region, at the beginning.

Dr. Turhane Doerga, another International Director of Prime Energy, had said that the company and its associates are aware of oil exploration efforts here; and if there are successful outcomes, then they will buy the crude for use in the planned refinery.

The Prime Energy officials also met President Bharrat Jagdeo and briefed him on their plans for the refinery here.