Guyoil opens $250M Regent Street retail facility

Minister of Finance, Dr Ashni Singh addressing the gathering.
Minister of Finance, Dr Ashni Singh addressing the gathering.

[] –The Guyana Oil Company (GuyOil) on Sunday, January 25 opened its $250M Regent Street, Georgetown retail facility mere weeks after it commissioned an aviation fuel facility.

Finance Minister Dr. Ashni Singh joined officials of the oil company to commission the facility. In lauding the company for its achievement, the Minister highlighted the importance of creating a stable environment for the expanding commercial landscape of Guyana. Minister Singh also noted the continued growth of the company over recent years.

In December of 2014 the Company commissioned its Aviation Fuel facility at the Cheddi Jagan International Airport while another facility was commissioned in Diamond on the East Bank of Demerara just over two years ago.

The new Guyoil Gas Station.
The new Guyoil Gas Station.

“I would like to compliment you on behalf of the Government, the Cabinet on making this important investment that sees us making an important addition to the commercial landscape of down town Georgetown.”

With these and other investments, Minister Singh said the company has defied the stereotype of public sector companies, showing that it can be competitive and provide leadership in market place. The company and its Board were also lauded for their excellent corporate governance, efficiency, outstanding results and continued excellence in service.

“I view this occasion within a broader context too because often time we see changes that are happening before our eyes and perhaps we take them for granted.”

Speaking of other significant investments and transformation, Minister Singh thanked GuyOil for being a part of Guyana’s transformation.

The company was urged to continue in its effort to deliver quality service and the Finance Minister underscored the importance of world-class quality service which he says goes hand in hand with modern technology.

Meanwhile, the Minister also noted that the government remains committed to ensuring that Guyana remains a place safe for investments and that a conducive environment is maintained.

“We need constantly to ensure that we remain an attractive place for doing business where investors are confident in putting their money, expanding their operation because it doesn’t redound to the benefit of one political party; (investments) it create jobs, (and) generate income for all Guyanese.”

The company’s Managing Director, Badrie Persaud, thanked the government for its continuous support in the company’s effort to expand its retail facilities throughout the country.

Giving a brief history of the origin of the Regent Street expansion facility, Persaud noted that the business had outgrown the capacity it had in previous years. Hence, there was the need for a new design and larger facility. It now has a storage capacity doubling what it was in the past, with a 20,000 -gallon underground gasoline storage, 10,000 -gallon underground storage for diesel and 5,000 gallons for kerosene. [Extracted and modified from GINA]



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