Dominican Republic ready to finalize deal for oil exploration offshore Berbice

Feb 21, 2025 News

Kaieteur News- President of the Dominican Republic, Luiz Abinader, has said that his country is ready to finalise an agreement with Guyana for oil exploration offshore Berbice.

Dominican Republic ready to finalize deal for oil exploration offshore Berbice

President of the Dominican Republic Luiz Abinader

During his presentation at the opening of the Guyana Energy Conference on Tuesday, President Abinader said that while the two nations have held historic and cultural similarities, “It is time for them to join forces to reaffirm our bonds and move forward together toward a future of shared development and prosperity.”

Alluding to a Memorandum of Understanding (MOU) signed between the two countries in August 2023, the Head-of-State said his country is ready to finalise the agreement for exploration activities in Guyana’s offshore basin.

“As you are aware, this memorandum pertained to oil exploration, the establishment of an oil refinery and petro chemical plant for fertilizer production, food security for our nations and the exchange of trade information and data to accelerate our mutual development,” he revealed.

According to Abinader, discussions held between the commissions from both nations were concerned particularly with the issue of oil exploration.

“The Dominican Republic is ready to finalise the agreement on the location of the Berbice block, which will soon be complete with the ministry of environment hoping to replicate the success story of your blessed nation,” the President said.

Abinader also highlighted areas of mutual benefit to both countries which include capacity building and agriculture.

“With regard to workforce training, the Ministry of Labour in Guyana and the Dominican Institute for Technical and Vocational Training have agreed to an operational framework for training highly skilled technicians for industries and businesses.

The platform will enable Guyana to establish a specialized entity for training trainers in a sustainable cost effective and high-quality manner which has been very successful in the Dominican Republican,” he explained.

In terms of agriculture, President Abinader noted that the Association of Agri Business Entrepreneurs in the Dominican Republic is exchanging project ideas with their Guyanese counterparts to establish an enterprise using advanced technology for essential crops in high demand

“The goal is to leverage Guyana’s vast land and viable production conditions ensuring profitability and achieving the type of food security that we all aspire to for our countries.”

Moreover, he said that the two countries have already completed a feasibility study for establishing a petrochemical fertilizer plant.

The President explained that there is a demand for the product but “global supply of the fertilizer remains restrictive.”

“This plant will meet the needs of both nations solidifying their food security efforts,” he said. With regard to the oil refinery, Abinader said it represents a major financial commitment that warrants long term planning.

To this end, he said the development team is analyzing various alternatives which it will soon present to its Guyanese counterparts.

“In the coming months we will need to make the final decision.”

President Abinader praised the Ali administration for efforts made to establish the Guyana/Dominican Chamber of Commerce which is already operational in both nations.

“Both have a mutual understanding for identifying investment opportunities that will undoubtedly open a new chapter in our shared history.”

(Dominican Republic ready to finalize deal for oil exploration offshore Berbice)

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Berbice oil exploration, Dominican Republic, Guyana Energy Conference, Petrochemical Fertilizer

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