Govt. and Gas-to-Energy contractor deny Venezuelans helped finance Wales project

Jun 26, 2026 News

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(Kaieteur News) – The Government of Guyana (GoG) through Finance Minister, Dr. Ashni Singh has strongly denied that the country’s flagship Gas-to-Energy (GTE) project was financed with assistance from a Venezuelan-owned bank, Banco San Juan Internacional (BSJI).

In an interview with this newspaper on the sidelines of an event on Wednesday, Dr. Singh was explicit, “I don’t know anything about that. The project was financed by the US EXIM (Export-Import) Bank and the Government of Guyana.”

“I saw that being referenced somewhere but I don’t know anything about that,” he added while referring to a recent article by Kaieteur News that the Bank publicly announced its role in helping Guyana to finance the gas project.

In 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.

Be that as it may, the contractor hired by Guyana to construct the project also flatly denied that the project was financed by that institution. Chairman of Lindsayca, Nelson Drake in a brief telephone interview with this publication on Thursday morning stated, “Banco San Juan never financed the Gas-to-Energy project. The project was self-financed by the Government of Guyana, with assistance from the U.S. EXIM Bank.”

When asked about the Bank’s claim, Drake maintained, “It was false. I have no other comment.”

While both government and the contractor rejected the bank’s involvement, the lack of transparency surrounding the project continues to concern Guyanese.

Recently, Senior Energy and Strategy Advisor, Anthony Paul urged Guyana to guard against secrecy in its petroleum sector. Paul said, “The Gas-to-Energy project should be a learning point. If key licences, agreements, cost-recovery arrangements, pipeline terms, gas supply arrangements, reimbursements or related project documents are not available in the same way petroleum agreements have been published, then citizens should ask why.”

He added that the public should know (i) what agreements exist; (ii) who the parties are; (iii) what; (iv) recoverable costs; (v) what obligations the State has assumed; (vi) whether any licence, right or approval has been granted; (vii) whether any transfer or assignment has occurred and (viii) what information is confidential, and why.

BSJI proposal

BSJI is owned and directed by Venezuelan national, Marcelino Bellosta Varady. 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.

The document, dated 10^th 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. Read more here: https://kaieteurnewsonline.com/2026/06/23/bank-owned-by-venezuelans-claims-it-helped-guyana-to-finance-wales-gas-to-energy-project/

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.

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• Dr. Ashni Singh, gas-to-energy, LINDSAYCA, US-EXIM bank

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