Milestone Alliance: Guyana and Dominican Republic Set Sights on Joint Oil Refinery, Offshore Ventures

Guyana and the Dominican Republic are intensifying their bilateral connections with a strong emphasis on harnessing the abundant oil discoveries off the coast of the South-American nation. This endeavour involves the inception of a state-of-the-art oil refinery and the promising pursuit of oil exploration and production activities. In a display of diplomatic synergy, H.E. President Dr. Irfaan Ali of Guyana and his esteemed counterpart in the Dominican Republic, H.E. President Luis Abinader, affixed their signatures to a series of consequential accords during President Dr. Ali's noteworthy official sojourn to the nation on the recent Tuesday. Foremost among these pacts stood a momentous Memorandum of Understanding (MoU), a symbol of their shared vision, aimed at erecting an advanced oil refinery within the confines of Guyana's borders. The ambitious facility, once operational, holds the potential to process a substantial throughput of no less than 50 000 barrels of crude oil per diem, marking an inspiring stride toward energy self-sufficiency and regional prowess. It is worth highlighting that the Dominican Republic is poised to ascend as the principal equity holder, boasting an impressive controlling interest of 51%. Discussions pertaining to the establishment of a refinery originally surfaced in the month of June, when President Abinader embarked on his diplomatic excursion to the shores of Guyana. In addition to the blueprint for the refinery, the two nations formalized another Memorandum of Understanding, enunciating a strategic intent to evaluate the plausibility of the Dominican Republic's active involvement in the exploration of hydrocarbons within an offshore oil block adjacent to Guyana's maritime borders. Noteworthy to highlight, Guyana presently orchestrates a daily oil output ranging between 360 000 to 400 000 barrels, a feat primarily unfolding in the Stabroek Block. Yet, the ambitious trajectory unfurls with projections poised to surpass the remarkable threshold of one million barrels per day within the confines of this very block, all before the culmination of the current decade. Mindful of both local and regional requisites, Guyana's pursuits encompass the recruitment of a private investor to facilitate the establishment of an indigenous oil refinery. Amidst their holistic cooperation, the bilateral accord also extends its embrace towards sectors beyond the hydrocarbon domain. By this accord, the two nations have reaffirmed their commitment to bolstering collaborative endeavors in the realms of agriculture, specifically honing in on the cultivation of corn and soybeans, fostering the realms of tourism, and fortifying the interwoven fabric of business-to-business liaisons. Concomitantly, a distinguished assembly of governmental dignitaries, featuring the likes of Minister of Tourism, Industry, and Commerce Oneidge Walrond, alongside Foreign Secretary Robert Persaud, augmented by a delegation hailing from the private sector, congregated in unity, partaking in President Ali's diplomatic odyssey to the Dominican Republic.

Source(Department of Public Information, 2023, Image: Office of the President, 2023 )

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8 Aug 2023 17:45 | by anaraine

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