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Talks for petro chemical plant still on the table – DR Ambassador
Dominican Republic Ambassador to Guyana, Ernesto Torres-Pereyra.
Kaieteur News – Negotiation talks between Guyana and the Dominican Republic for the setting up of a Petrochemical Plant here are still on the table, as the nations look at every aspect of the project to be able to fine-tune things before giving it the green light.
Ambassador of the Dominican Republic to Guyana Ernesto Torres-Pereyra told the media on Saturday, that the talks are ongoing and due to the size and nature of the project it will take some time to come to a point where the go ahead is given. He was speaking at a press conference to address former US President Bill Clinton’s visit to Guyana.
The ambassador said that, “Of course I would like to see an even more dynamic exercise but building the partnerships that also takes time. With regards to the petrochemicals the conversations are ongoing, but the agreements were signed in August and this types of projects, they are not only massive in terms of the amount of investment that they (require) but also in terms of planning.”
He explained that the project goes beyond architecture and engineering and that there is also an environmental aspect which will address the impacts it will have. The Governments of Guyana and The Dominican Republic in August 2023 signed six Memoranda of Understanding (MoUs) which concerned oil exploration, agriculture, tourism, bilateral investments, as well as the establishment of an oil refinery and petrochemicals plant, following President Irfaan Ali’s visit to the Spanish-speaking country.
In one MoU, the two nations have agreed to seek investors from both countries to collaborate on the establishment of a 50,000 bpd refinery in Guyana. Dominican partners will have a majority 51 percent stake, while the Guyanese government indicated it would not participate as a shareholder. Another MoU focuses on the potential for setting up a petrochemical plant, seeing it as an avenue for economic growth, job creation, and fortifying the industrial infrastructure for both nations and the region. Recognizing the importance of the petrochemical industry in transforming crude oil and natural gas into vital products like urea, asphalt, and fertilizers as well as the potential to satisfy the current demand for these products regionally, both have committed to identifying qualified companies capable of constructing this plant, with the Dominican government holding at least 51% of the shares.
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