Inspenet, June 2, 2023
The governments of the Dominican Republic and Guyana signed a Memorandum of Understanding in which they establish cooperation in petroleum products in the South American nation in areas of mutual interest, the Caribbean country’s support for investment for the financing and construction of an oil refinery, and for matters related to the extraction of refined petroleum products.
The document was signed in the framework of an official visit to Guyana, headed by President Luis Abinader, with the aim of initiating relations between the two nations.
President Abinader traveled accompanied by a business delegation, and among the activities he carried out was the signing of the Memorandum of Understanding with the objective of “establishing a framework to facilitate and improve bilateral cooperation in the hydrocarbon sector of the two countries on the basis of equality and mutual benefit”.
An agreement with a vision of the future: Dominican Republic and Guyana strengthen their cooperation in the oil sector
The areas of cooperation will include the establishment of bilateral trade and cooperation in petroleum products, the participation of Dominican companies in the development of the exploration and production sector in Guyana on a competitive basis, and collaboration in the natural gas sector.
They also establish cooperation in petroleum products in Guyana in areas of mutual interest, more specifically, the Dominican Republic supporting investment for the financing and construction of a crude oil refinery, and also those related to the extraction of refined petroleum products. downstream.
The Memorandum of Understanding will remain in effect for three years and will be automatically renewed every five years thereafter, unless either party gives the other three months’ written notice of its intention to terminate it.
Other agreements between the Dominican Republic and Guyana
Among the trade and business ties agreements, the Guyanese government expressed that it looks forward to the early start of commercial Skycana flights, “which would provide an opportunity to increase tourism and facilitate travel in and out of Guyana.” Skycana operates flights from the Dominican Republic to various destinations in the United States and the Caribbean from 2021.
In the joint statement, both countries also praised the establishment of an Embassy of the Dominican Republic in Georgetown and the accreditation of the resident Ambassador, Ernesto Torres Pereyra, “as a tangible step in relations that will augur well for further cooperation and facilitate opportunities for greater participation in advancing the bilateral agenda”.
Source and photos : Diario Libre
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