President Luis Abinader returned on Tuesday, 18 February 2025 in the evening to the Dominican Republic after a short trip to Guyana on Monday and Tuesday where he participated in the Energy Conference and Supply Chain Expo Guyana and held a bilateral meeting with Guyana President Mohamed Irfaan Ali.
The Dominican Presidency reports that in Guyana, President Abinader spoke of the significant advances made in the memorandums of understanding (MOUs) signed between the Dominican Republic and the Cooperative Republic of Guyana during President Mohamed Irfaan Ali’s visit in August 2023. These MOUs cover key areas such as oil exploration and exploitation, the establishment of an oil refinery and petrochemical plants for fertilizer production, food security for both nations, and the exchange of trade, information, and data to accelerate mutual development.
Addressing the “Energy Conference and Supply Chain Expo Guyana 2025,” themed “Connecting the Dots: Integrating the Future,” President Abinader outlined developments in several sectors. Regarding oil exploration, he noted that, after detailed studies and discussions between both countries’ committees, the Dominican Republic is ready to finalize agreements for the Berbice block, expected to replicate Guyana’s successful oil ventures.
The Dominican government is interested in exploring Guyana’s Berbice offshore block, which was returned to the government by Toronto-listed CGX Energy, as well as developing the potential new refinery and urea plant.
Guyana is pressing a consortium led by Exxon Mobil, which controls all oil and gas output in the country, to deliver natural gas to shore from its floating production facilities to feed power generation, petrochemical and liquefied natural gas (LNG) projects that could expand revenue.
As reported in Oil Now of Guyana, Guyana and the DR’s collaboration spans six Memoranda of Understanding signed back in 2023. One was for the establishment of a refinery; a 50,000 barrel a day facility in Guyana with DR partners holding a 51% stake. Another was for the establishment of a petrochemical plant with an annual capacity of 300,000 tons, 200 MTD of urea with full utilization of 129 MTD ammonia production.
President Abinader said the feasibility for the petrochemical plant has been completed.
He also highlighted collaborations between Guyana’s Ministry of Labor and the Dominican Republic’s Infotep, which will train highly skilled technicians for various industries, enabling Guyana to sustainably develop a high-quality training framework at low cost.
In the agricultural sector, he mentioned that Dominican agricultural associations are partnering with Guyanese counterparts to introduce advanced farming technologies for high-demand crops, leveraging Guyana’s vast, fertile lands to boost food security.
Abinader spoke of the completion of the feasibility study for the establishment of a petrochemical fertilizer plant, focusing on urea, a critical component in global food security. This plant will meet the fertilizer demands of both nations, ensuring long-term food security.
Regarding the oil refinery, he acknowledged it as a major financial and industrial decision requiring more time for deliberation. He confirmed that both governments are analyzing alternatives and will meet soon to make a final decision.
The Dominican leader also pointed out that, thanks to the efforts of President Ali, the Guyana-Dominican Chamber of Commerce is operational, fostering mutual understanding and identifying investment opportunities that will drive both countries’ economic growth.
In Guyana, President Abinader highlighted the positioning of the Dominican Republic as the logistics hub of the Atlantic Ocean.
“President Ali, strengthening the relationship between the Dominican Republic and Guyana is more important than ever. Together, we can move forward toward a future of shared growth and prosperity,” Abinader concluded in his address as part of the Energy Congress activities.
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19 February 2025