Guyana considers plan to refine oil in US, import fuel

Guyana is considering a plan to export crude oil to the United States for refining and to bring back fuel for domestic supply and possibly for sale to nearby countries, Guyanese President Irfaan Ali said at a conference in Houston on Tuesday.

Guyana has one of the world’s fastest-growing economies thanks to rapidly rising oil output at the country’s prolific offshore oilfields, which are operated by a consortium led by US oil major Exxon Mobil

The government is entitled to a portion of output as profit oil, which it exports through trading firms that allocate cargoes in different markets, particularly Europe.

Guyana does not have refineries, but is discussing projects with companies and the Dominican Republic to build a small refinery.

Guyana would do anything to keep regional peace, Ali also said at the CERAWeek conference in Houston, when asked about tension with Venezuela.

The South American neighbours are involved in a long-running controversy  about which country owns the 160,000-square-km (62,000-square-mile) Essequibo area, which is the subject of an ongoing case at the International Court of Justice

“We just ask that Venezuela respect the ICJ and the rule of law,” the President said. (Reuters)