—President Ali says, stresses country must have energy security, internal capacity to withstand external shocks

GUYANA is advancing high-level discussions on establishing a domestic oil refinery and fertiliser plant as part of a broader strategy to strengthen national and regional energy security, President Dr Irfaan Ali said on Wednesday.
Speaking during his “Tea on the Terrace” programme, President Ali said long-term investments in a national gas plant and gas bottling facility as a part of the country’s flagship gas-to-energy (GTE) project will allow Guyana to build internal capacity to withstand external shocks, stabilise domestic energy prices, and cut the cost of energy by up to half. This, he noted, would support more stable supplies of fertiliser, gas, and industrial and manufacturing opportunities.
“The volatility factor of refined products has proven more volatile than crude oil due to the specialised nature of the Middle Eastern refineries and the immediate chokehold on the Strait of Hormuz; the crisis has moved beyond the Middle East, impacting aviation, domestic heating and industrial logistics worldwide,” the President said.
The president revealed that he held talks “only yesterday” [Tuesday] with the President of the Dominican Republic and other stakeholders to shape a forward-looking plan, describing it as an essential step in a global “learning curve” as countries reorient their systems in response to ongoing conflicts and fuel price volatility.
Dr Ali warned that fuel hikes and supply disruptions are already rippling through the global logistics system, with major providers such as FedEx, Amazon and USPS increasing fuel surcharges. He also highlighted growing pressure on petrochemical industries and consumer prices worldwide, driven in part by the scarcity of key refined products.
“We are in conversation every single day with global players and the global market, and we are making the decisions that will protect the people of our country, our country, and protect our region, because it’s important that the region also remains strong,” he said.
Earlier this month President Ali had positioned Guyana as an important destination for Qatari investment, citing the country’s geographic advantage and market potential during an official telephone conversation with His Highness, Amir Sheikh Tamim bin Hamad Al Thani.
“The President also offered Guyana as an important destination from a geographic and market position for Qatar, noting the long-term damage to infrastructure and the impact on their economy caused by the ongoing conflict,” a press statement posted to President Ali’s official Facebook page had said.
Recently, President Ali disclosed that Guyana has been promoting itself as a strategic hub for storage and logistics in the Western Hemisphere.