GEORGETOWN, Guyana, CMC – The Guyana government says its gas-to-shore energy development project is progressing despite delays in securing a US$660 million loan.
The government has allocated US$400 million towards the project in Wales on the West Bank Demerara (WBD). Vice President Bharrat Jagdeo confirmed that the project is progressing despite delays in securing a US$660 million loan.
Additionally, Dr Ashni Singh, the senior minister within the Office of the President responsible for Finance and Public Service, is scheduled to meet with the US EXIM Bank executives to advance this request further.
“We have, from our resources…have paid about US$400 million, more than half of the project (cost),” Jagdeo told his weekly news conference on Thursday, adding, “That’s even better for us.
“Now, we can get reimbursed for it because of how it is structured,” he told reporters.
The highly anticipated project will result in a 200-kilometer pipeline bringing gas from the Liza Destiny and the Liza Unity Floating Production fields onshore. Upon arrival at this West Coast Demerara facility, the pipeline will continue for approximately 25 kilometers to the Natural Gas Liquid (NGL) plant to be constructed in Wales.
Upon completion, the gas-to-energy project will significantly impact the country’s economy, attracting sustainable investments across various sectors and creating numerous job opportunities.
“The project will be done, even if it means funding it from our budget,” Jagdeo said.
The government has already indicated that the energy cost is expected to decrease by 50 percent, resulting in more affordable and stable electricity for the people of Guyana.
The government has partnered with ExxonMobil to develop the necessary infrastructure and facilities to transport and process the gas for power generation and other applications.
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