The Governments of Guyana and the Dominican Republic are continuing efforts to strengthen bilateral cooperation under a 2023 Memorandum of Understanding (MOU) focused on energy, agriculture, tourism, petrochemicals and oil refinery development.
President Dr Irfaan Ali, along with President of the Dominican Republic Luis Abinader Corona, witnesses the signing of an agreement by Natural Resources Minister Vickram Bharrat and President of the Board of Directors of the Dominican Oil Refinery Samuel Pereyra
In a joint statement issued on Thursday, the two Governments said several initiatives have been progressing steadily through both Government-level engagement and increased private sector collaboration.
The statement said the Government of the Dominican Republic, through Refineria Dominicana de Petróleo S A, is continuing discussions aimed at expanding cooperation and exploring strategic investment opportunities in Guyana’s oil and gas sector.
Among the areas being examined is investment interest linked to the Berbice Block, which was previously held by On Energy. Discussions are also focused on regional energy security and future opportunities for collaboration between the two countries.
According to the statement, the engagements are in keeping with the Government of Guyana’s long-term strategy to strengthen national and regional energy security while positioning the country as a key energy partner within the Caribbean.
The two Governments also welcomed growing cooperation among Private Sector entities in both countries, including efforts to establish partnerships and consortia in agriculture, energy and petrochemicals.
Both sides expressed satisfaction with the progress made under the MOUs signed in 2023 and reaffirmed their commitment to advancing initiatives aimed at deepening economic ties and creating opportunities for citizens of Guyana and the Dominican Republic.
Meanwhile, the media in the Dominican Republic reported that the Governments of the Dominican Republic and Guyana signed an agreement Thursday to jointly explore and potentially develop oil and natural gas resources in the onshore Berbice block, marking a major step in their expanding energy partnership.
Dominican Today news entity reported that under the deal, the Dominican Petroleum Refinery will represent the Dominican state and receive a 10 per cent stake in the project without requiring an upfront capital investment. According to the Dominican Today news report If commercially viable reserves are discovered, the Dominican Republic would gain access to crude oil or natural gas under preferential terms, strengthening the country’s long-term energy security.
President of the Dominican Republic, Luis Abinader Corona, arrived in Guyana on Wednesday evening. President Abinader is in Guyana for a two-day visit.
Relations between the Dominican Republic and Guyana have become closer in recent years, especially as both countries see opportunities in trade, energy, food production, and regional cooperation.
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