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Bank owned by Venezuelans claims it helped Guyana to finance Wales Gas-to-Energy project
…leaked financial proposal surfaces
(Kaieteur News) – In what is not only the country’s most expensive but controversial venture on record, the Gas-to-Energy (GTE) project currently taking shape at Wales, West Bank Demerara continues to raise eyebrows, with claims being made that a bank owned by a Venezuelan family and headquartered in Puerto Rico, helped Guyana to secure finances for the development.
Guyana signed a US$759M agreement with a consortium, Lindsayca/CH4 in December 2022 for the design, procurement and construction of a Natural Gas Liquid plant and a 300 megawatt natural gas fire plant.
At the time, neighbouring Venezuela was under sanction by the United States Government, yet Banco San Juan Internacional (BSJI) a bank owned and directed by Venezuelan national, Marcelino Bellosta Varady recently revealed that the financial institution was involved in financing the GTE project.
Marcelino Bellosta (left), the Venezuelan banker who owns and serves as a director for BSJI photographed alongside Lindsayca representatives and the former U.S. Ambassador to Guyana, Sarah-Ann Lynch at the Gas-to-Energy contract signing in December 2022.
In a recent LinkedIn post, the bank said, “Guyana has some of the highest electricity rates in Latin America — but this is about to change. BSJI played an integral role in securing financing for a $759M natural gas and power generation facility, which will decrease energy expenses for thousands of homes and businesses by over 50%.”
“BSJI was pivotal in supporting Lindsayca CH4 Guyana’s $759M project for the Government of the Cooperative Republic of Guyana for the construction of a natural gas liquids extraction plant and a 300 MW power generation facility that will provide clean, stable and affordable energy to thousands of families and businesses in the country,” it continued.
But while the Venezuela-linked organisation celebrates itself as a financier for the project that is expected to transform Guyana’s energy landscape, readers would recall that it was the United States Export Import (US EXIM) Bank that provided the country with a loan to support the construction activities.
In January 2025, it was reported that the GoG signed a US$527 million loan agreement with the U.S. EXIM Bank, for the project. At the time, it was explained that Guyana would plug the additional resources required to support the project.
This therefore raises questions as to the assertions made by BSJI. Did the company indeed help the GoG to secure additional finances for this project? If so, what are the terms attached to this loan agreement and why was it never made available to the public?
Calls to the Minister of Finance, Dr. Ashni Singh seeking clarity on the claims made by BSJI were unsuccessful.
BSJI’s financial proposal
This newspaper has seen a leaked financial proposal submitted by the Venezuelan-owned entity, stating its interest in providing a loan for the Guyana gas project.
It is understood that key players in the project received a copy of the document, including the GTE Taskforce Head, Winston Brassington and Dr. Singh.
A glimpse of the financial proposal submitted by the Venezuelan Bank, BSJI
The document, dated 10th June, 2022 laid out crucial details about the proposal, including the repayment duration, interest and its intent to supply 35% of the project cost up to US$252M.
BSJI made it clear in its list of requirements “NGL commercialisation: the party that wins the trading contract must be approved by BSJI, as shall the final contract.”
Additionally, the proposal states that BSJI “may use any carbon credits generated by the project, particularly as it relates to the substitution of fuel in generating electric power, for its use to offset carbon footprint. BSJI may also assign any of those credits to third parties, with or without receiving benefits.”
Recognising the risk involved with the project, the bank also made it clear that the coverage for construction/performance, operating and political risk must be in place and acceptable to BSJI. Furthermore, the cost of this insurance is to be covered by the client (Guyana).
A deep dive into the records of BSJI by Kaieteur News unearthed a troubling history of FBI raids, millions seized, and a multi-year legal war with the United States Federal Reserve.
The 2019 FBI Raid and the Venezuela Connection
On 6th February, 2019, the Associated Press reported that heavily armed FBI agents raided BSJI’s offices in San Juan, seizing documents and digital evidence in a major operation tied to the violation of U.S. sanctions against Venezuela.
Federal authorities suspected the bank was being used to launder money linked to Petróleos de Venezuela, S.A. (PDVSA), the Venezuelan state-owned oil company. The fallout was swift and severe. The U.S. Department of Justice seized US$53M from the bank, and the Federal Reserve Bank of New York (FRBNY) suspended BSJI’s “master account”—the critical lifeline that allows a bank to access U.S. electronic payment systems.
While BSJI eventually agreed to pay a $1M fine to resolve the probe and promised to clean up its anti-money laundering (AML) protocols, the stain remained.
Booted by the Fed: The 2023–2025 Legal Saga
If a bank cannot be trusted by the central banking system of the United States, why should the regional energy sector trust them?
Despite promises to reform, BSJI failed to submit mandated assessments attesting to the effectiveness of its compliance programmes. Concluding that BSJI posed an “undue risk to the overall economy by facilitating activities such as money laundering,” the New York Fed officially terminated BSJI’s master account in 2023.
Rather than quietly fixing their internal operations, BSJI launched a legal campaign to force the Federal Bank to reinstate their access. In July 2023, BSJI sued the Federal Reserve Bank of New York in the Southern District of New York. BSJI claimed they had a “statutory entitlement” to a master account and argued that without it, they would suffer irreparable harm and lose their clientele.
The U.S. courts, however, did not budge. In October 2023, Judge John Koeltl denied their request for a preliminary injunction, noting that the Federal Bank was well within its rights to protect the financial system from illicit activity.
In January 2025, the District Court completely dismissed BSJI’s amended complaint. When BSJI refused to accept defeat and appealed, the Second Circuit Court of Appeals delivered a unanimous decision in May 2026, affirming the dismissal and ruling definitively that BSJI had no statutory right to a master account.
The Bellosta connection in Guyana
Marcelino Bellosta, the Venezuelan banker who owns and serves as a director for BSJI, has blended himself into Guyana’s gas project, according to sources.
Kaieteur News previously exposed the secret US$80M arbitration payout to the Lindsayca-CH4 consortium, a major contractor on Guyana’s Gas-to-Energy project. CH4 Systems LLC, a Puerto Rican company ousted during those negotiations, is wholly owned by Juan Bellosta.
Our sources confirm that during the crucial contract negotiations in 2022 for the Wales project and again later during the secretive Dispute Avoidance and Adjudication Board (DAAB) hearings, Marcelino Bellosta was a constant, looming presence.
Furthermore, flight records obtained by this newspaper show that during these sensitive periods of negotiation and dispute resolution, the private jet associated with the Bellosta family and their banking interests was a frequent flyer to Guyana.
Guyanese must know why a banker, whose institution was under intense scrutiny by the U.S. Federal Reserve for money laundering risks, was so intimately involved in the negotiations of a multi-million-dollar Guyanese infrastructure project.
Guyana, and the wider region, must remain vigilant. When the suits show up with bright smiles, private jets, and polished press releases, it is our job to check the fine print.
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- Banco San Juan Internacional, gas-to-energy, Lindsayca-CH4, Natural Gas Liquid plant, Venezuelan bank, Wales
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