–following agreement with US company for project which could lay foundation for country to become hub for ‘refined fuels’
–President Ali unveils, points to significant benefits to be unlocked

GUYANESE consumers and businesses could soon benefit from a significant reduction in fuel prices, as President Dr. Irfaan Ali has announced a new fuel terminal infrastructure project in partnership with Curlew Midstream.
During his remarks at the opening of the Guyana Energy Conference and Supply Chain Expo, President Ali underscored the transformative impact of the agreement, which will move Guyana towards becoming “energy independent”.

Curlew Midstream, a US-based energy infrastructure provider headquartered in Bentonville, Arkansas, operates terminal facilities in South Louisiana, and will play a key role in facilitating fuel trade between the United States and Guyana.
“The agreement between the Government of Guyana and Curlew Midstream would enable Guyana to execute trading agreements for United States-refined fuels to be stored in a state of-the-art, local fuel storage facility that will initially house 750,000 barrels of gasoline, diesel, jet fuel and heavy fuel oil.
“When operational, the facility will supply not only Guyana with 100 per cent of its domestic refined fuel needs, but will also enable Guyana to export the highest quality, non-sanctioned fuels to its sister CARICOM nations,” the US company said in a release on Tuesday.
This initiative is expected to drive down wholesale and retail fuel costs, and reducing transportation expenses for goods moving by air, road, and river.

Households and businesses will also experience cost savings, particularly in electricity generation, as Guyana continues its transition towards the gas-to-energy project.
“It is a strategic investment that goes beyond commercial relationship,” the Guyanese Head of State said, noting that within the first two years, this massive initiative could see at a minimum US$300 million being invested.
“These are the types of investments that we are pursuing; transformative investments. Investments that go beyond economics and financial returns; investments to strengthen security, integrate security, expand partnership,” President Ali said.
This could be the foundation that positions Guyana as a refined production hub, President Ali said, as he noted, too, that this investment could see the country expanding its marine economy.

“Tankers moving between Guyana, expanding the marine business. So, we will have opportunities for the marine economy to further develop and expand,” the Head of State said.
President Ali further pointed to the world cruise market, in that he noted that 40 per cent of this market belongs to the Caribbean. And with many cruise liners moving towards LNG as their source of fuel, Guyana could be the supplier, in terms of becoming a refueling hub.

He believes Guyana could be a ‘must-stop’ destination for cruise lines.
“So, the argument in the cruise industry is that very limited local revenue is generated because cruise lines sell most of the tourism packages on the cruise itself… But Guyana is different; our product is not concentrated in a small area in the capital. Our product is nature and eco-based, so that the traffic that will be generated will be completely different,” the Head of State said.
Further, Dr. Ali noted that as the country continues to solidify its place in the energy sector, infrastructure development will remain a vital pillar alongside education, healthcare, tourism and oil and gas.
“Infrastructure is not an option for a development; infrastructure is a necessity. Infrastructure is the known part of the equation to take us forward,” he said.

EVOLVING PLATFORM
Chief Executive Officer (CEO) of the Guyana Energy Conference and Supply Chain Expo Kiana Wilburg noted that the premier event has seen a heightened appreciation, with the platform evolving to align with the country’s growth trajectory.
“Guyana is indeed on an incredible growth trajectory; she is now the glorious land of investment opportunities across 26 industries… This dear land of mine is the ideal location to access the global markets. It is one of the most resource-rich nations in the region; it offers highly-competitive fiscal incentives for investments,” Wilburg said.

Guyana, she reminded her audience, is one of the most resource-rich nations, with highly competitive fiscal incentives for investments, low operational cost, and a government that is pro-business.
The government has also touted the possibility of a local oil refinery that could see tremendous opportunities being delivered to citizens.

Back in January 2024, Guyana’s Finance Minister Dr. Ashni Singh disclosed that the country had received several proposals for the design and construction of an oil refinery.
A Request for Proposals was issued in 2022 for the design, financing and construction of the refinery at Crab Island, Region Six (East Berbice-Corentyne).

An oil refinery is an industrial processing plant where crude oil is refined into marketable petroleum products such as gasoline, asphalt, and kerosene.