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Discovering Staatsolie's ambitious expansion plan

Article - August 27, 2012
he company's new refinery should be operational by 2014
Staatsolie’s Vision 2020 is geared towards a sustainable energy future for Suriname as well as providing for a clear and significant contribution to society.
With the strategic acquisition of Chevron Suriname as part of a US$1 billion investment plan, Staatsolie entered the retail business and has demonstrated that it is set to conquer the fuel market as of 2014. Meanwhile, the refinery expansion project to boost capacity is an important step towards improving the country’s trade balance.

To realize these ambitions Staatsolie has mapped out a solid implementation strategy consisting of four phases: ‘Fundament for Growth’, ‘Transition’, ‘Expansive Growth’ and ‘Rationalization’.

This strategic long-term plan is meant to increase oil refining capacity and oil reserves, while developing renewable energy resources and separating the company’s commercial and institutional functions by 2020.

“Suriname’s domestic production potential has increased the attractiveness of refining capacity expansion vis-à-vis fuel imports,” said company Managing Director Marc Waaldijk, mindful of plans to have the company’s new refinery operational by 2014.

“Importantly, the wider product range of the newly expanded refinery will include gasoline, a product on which Suriname is currently fully import-reliant. With Suriname’s oil product consumption continuing to grow rapidly, it is unlikely that an expansion to 15,000 barrels per day will make the country self-sufficient in refined products.”

  1 COMMENT



Alexandre Jacques Matitia
13/09/2012  |  3:34
100% of 1

Interesting, I've read that the Suriname state oil company is considering selling stock through a partial privatization similar to those carried out by state energy firms in Colombia and Brazil. I wonder how liquid the stock exchange is?