Guyana Puts a Refinery at the Heart of Its National Oil Company Plans

President Irfaan Ali of Guyana has proposed a refinery as a cornerstone of the country's national oil company plans. Despite producing 900,000 barrels of crude oil daily from the Stabroek Block, Guyana currently imports every litre of petrol and diesel. Ali presented this idea as a long-term strategy during a press conference on August 18, 2026.

The refinery would not be a state-owned oil company, but rather a company that manages the entire fuel supply chain. This includes storage facilities capable of covering 30 to 120 days of demand. The refinery would provide fuel security for a country that imports all its refined fuel, and could potentially supply other Caribbean nations as well.

However, no refinery or national oil company has been approved yet, and Ali's proposal is seen as long-term thinking. Guyana's current fuel situation has been highlighted by disruptions in the Strait of Hormuz, which caused global fuel prices to rise. In response, gasoline import costs in Guyana increased by 38.5 percent in the four weeks to mid-March.

The lack of a local refinery has also led to shortages at filling stations. Ali argues that a refinery would not only secure the country's fuel supply but also protect it from price fluctuations. The refinery would need to be paired with fuel storage to ensure a steady supply. While the idea of a Guyana refinery is promising, it is still in the planning stages and has not received any approval or funding.