The Private Sector Commission PSC has praised the United States Export Import US EXIM Bank for approving a US$527 million loan to support the transformative” Gas-to-Energy GTE project in Guyana. In a statement to the media on Friday, the body said this initiative marks a significant milestone in Guyana’s efforts to enhance its energy capacity and reduce dependence on oil imports. On December 26, the Bank announced, “Today, the Board of Directors at the Export-Import Bank of the United States EXIM approved $527 million to the Ministry of Finance of the Cooperative Republic of Guyana to support a gas-to-energy project that will strengthen the country’s energy security by doubling the country’s installed electric capacity.

The local private sector body noted that the project, which will see the construction of a natural gas separation plant, a 300 MW combined-cycle gas turbine power plant, and a gas supply pipeline, underscores the strong partnership between Guyana and the United States. It was keen to point out that the investment is not only expected to double Guyana’s installed electric capacity, but will substantially reduce carbon emissions and stimulate economic activity through job creation and infrastructure development. The PSC welcomes this collaboration between the U.S., ExxonMobil, and joint venture partners Lindsayca and CH4 Systems. By facilitating cutting-edge technology and expertise, this project positions Guyana to achieve greater energy security and economic diversification while fostering regional competitiveness,” the body stated.

It also commended the United States Embassy in Guyana for its continued support and proactive engagement in advancing initiatives that contribute to Guyana’s sustainable development. The PSC said the Embassy’s role in fostering bilateral partnerships has been instrumental in securing critical investments like this, which align with the country’s growth priorities. Meanwhile, Chairman of the PSC, Komal Singh noted, “The Private Sector Commission acknowledges the U.S. EXIM Bank’s commitment to advancing energy solutions that align with Guyana’s development agenda. We believe this project will serve as a cornerstone for sustainable economic growth and support the aspirations of our people.

(Kaieteur News)

Photo: Chairman of the PSC, Komal Singh.