10,000 jobs lined up as funds secured for Berbice-based oil refineries – Guyana Chronicle

FUNDS have been secured to build a number of modular oil refineries in Berbice, according to a statement from Delta Energy & Petroleum Co (DEPCO).

The company’s statement reads: “We are now pleased to announce that financing for this project has been obtained. We have signed a Commercial Contract with the Spanish Association of Manufacturers of Capital Goods (SERCOBE) for the financing of four modular refineries.

“The refining capacity of each refinery is 60,000 bpd [barrels per day] for a total output of 240,000 bpd.

“With the cooperation of the various governmental agencies, DEPCO intends to proceed with all deliberate speed to get these refineries constructed and operational, commencing in the first quarter of 2023.

“We are happy that His Excellency the President Irfaan Ali has pledged to supply the local refineries with crude that it obtains as oil profits. DEPCO would procure the crude at prevailing market prices.

“There is a tremendous demand in the region for refined products and DEPCO intends to meet and supply that demand for both Guyana and the wider Caribbean basin.
“Needless to say, the refined fuel would be much cheaper because of reduced transportation cost. Cheaper cost of fuel relates to cheaper energy that would boost the manufacturing sector.

“Downstream projects such as the manufacturing of asphalt, fertilizer etc., would become a reality. This would be a boost to the construction of roads and would be a benefit to the agricultural sector.

“A significant number of jobs will be created, approximately 3,000 would be directly employed in the day-to-day operation and maintenance of the refinery. The peripheral commercial activities should create an additional 7,000 jobs.

“DEPCO anticipates due to the present global demand for refined products, that all government related agencies would act to accelerate and so reduce the processing time of the necessary documents and licences.

“Construction of DEPCO’s four refineries on the back of ExxonMobil’s discoveries further positions Guyana to become a refining powerhouse and growing economic tiger in the region for the foreseeable future.

“DEPCO’s President Romeo Cipriani hails from Berbice. He is a US-registered Professional Engineer (P.E.) with 40+ years of experience in the oil and gas, nuclear power sectors, with specific emphasis on petroleum refining.”