Dear Editor,
The question as to whether Guyana should have its own oil refinery should be expanded to a question focused on whether the region should increase its refinery capacity. As previously mentioned, CRG recommends the establishment of a regional strategic oil reserve that is supported by all oil and gas producers in Caricom.[1] Likewise, any discussion pertaining to an oil refinery should be within this context.
The oil refinery in Trinidad has excess capacity and languishes due to a lack of use resulting in financial losses. It would be foolish for Guyana to install additional capacity within our country while excess capacity exists within the region. As a founding member of Caricom and the home of its headquarters it is our duty to take a broader perspective on economic development. We are doing so in the agriculture sector, and we should also do so in the oil and gas sector.
A partnership between Guyana, Trinidad and Suriname should be pursued with smaller producers such as Barbados and Belize given the option to also participate in this regional initiative. President Ali must take a broader perspective of our local sectors to leverage the benefits gained from regional integration and cooperation. Buying power, negotiating power, increased expertise and increased demand from a regional approach will strengthen many of the initiatives that our nation is pursuing under his administration. We must not neglect the fundamental reason for the establishment of Caricom. Guyana must always remember its role as a leader in our region and make decisions that strengthen regional integration, regional economic development, and prosperity. President Ali should always fully support the objectives of Caricom and seek solutions within this framework.