Dominican Republic Ready to Finalize Petroleum Agreements with Guyana
February 18 2025- The Dominican Republic is poised to finalize petroleum exploration agreements with Guyana, following discussions initiated under a 2023 Memorandum of Understanding (MoU).
President Luis Abinader made the announcement during his address at the opening of the 4th Guyana Energy Conference & Supply Chain Expo, held at the Guyana Marriott Hotel on Tuesday.
The agreement marks a significant step in strengthening bilateral relations between the two nations. In 2023, President Dr. Mohamed Irfaan Ali and President Abinader engaged in high-level talks to enhance cooperation in key sectors, including energy, food security, and workforce development.
With extensive studies now completed, the Dominican Republic is prepared to finalize agreements on the Berbice Block, pending approvals from the Ministry of the Environment.
As part of the broader collaboration, a feasibility study for the establishment of a petrochemical fertilizer plant has been completed. The Dominican Republic is also analyzing various alternatives for an oil refinery project, which will be presented to Guyanese authorities in the coming months as part of long-term strategic planning.
Beyond energy, technical and vocational training opportunities will be expanded through the Dominican Institute for Technical and Vocational Training.
This initiative is expected to enhance workforce capabilities in Guyana’s growing industrial sectors. In agriculture, Dominican agribusiness entrepreneurs are working with local counterparts to leverage technology and improve crop production, ensuring greater profitability and food security.
The Dominican president underscored the alignment between Guyana and the Dominican Republic’s shared vision for industrialization, economic sovereignty, and technological advancement.
He emphasized the importance of not just exporting raw materials but also developing industries that manufacture high-value goods.
Acknowledging President Ali’s leadership, President Abinader praised Guyana’s rapid economic growth over the past four years and expressed confidence in its continued progress. He also reaffirmed his country’s unwavering support for Guyana’s sovereignty and territorial integrity.
The 2025 Guyana Energy Conference & Supply Chain Expo, themed “Connecting the Dots: Integrating the Future,” runs until February 21, bringing together policymakers, investors, and industry leaders to shape Guyana’s energy landscape.
