The Dominican Republic reaches an important and unprecedented energy cooperation agreement with Guyana

This MEM release was published using machine translation.

Georgetown, Guyana. – The Governments of the Dominican Republic and the Cooperative Republic of Guyana signed a historic Memorandum of Understanding (MoU) focused on energy cooperation.

This important agreement represents an elevation of bilateral relations between the two nations, offering vast opportunities for collaboration, particularly in the hydrocarbons sector.

The agreement was signed by the foreign ministers of the Dominican Republic, Roberto Álvarez and of the Cooperative Republic of Guyana, Hugh Hilton Todd, as well as the Minister of Natural Resources of that nation, Vickram Bharrat, in the presence of the presidents of both countries, Luis Abinader and Mohamed Irfaan Ali, respectively.

Also present were the ministers, Administrative of the Presidency, José Ignacio Paliza, of Energy and Mines, Antonio Almonte, of Agriculture, Limber Cruz, the directors, of ProDominicana, Biviana Riveiro, of the Port Authority, Jean Luis Rodríguez, the president of Refidomsa, Leonardo Aguilera, Senator Antonio Taveras, among other officials.

Also the businessmen, Celso Juan Marranzini, president of CONEP, Julio Virgilio Brache, from AIRD, David Libre, from ASONAHORES, Elizabeth Mena, from ADOEXPO, Osmar Benítez, from JAD, Mario Lama, from the Organization of Commercial Companies, Annerys Meléndez, from ACOPROVI, Giusseppe Maniscalco, from ADOCEM, Euri Andujar, from ANEIH, among others.

With a shared goal of advancing their respective energy landscapes on an equitable and mutually beneficial basis, the MoU provides a comprehensive framework that encompasses every facet of the hydrocarbons value chain.

Cooperation can cover investment promotion, technology transfer, research and development, and human resource training.

The broad scope of the Memorandum includes, but is not limited to, the establishment of bilateral trade in petroleum products, the participation of Dominican Republic companies in exploration and production activities in Guyana.

Likewise, collaboration in the natural gas sector and the Dominican Republic's investment in a crude oil refinery, with possible takeover agreements for refined oil products downstream.

To expedite and implement cooperative initiatives, the MoU describes the formation of a Joint Working Group (GTC) made up of representatives of both nations. By meeting at least once a year, the GTC will facilitate discussion and action in areas of cooperation.

Both nations will bear the cost of their participation in this cooperation and the confidentiality of the shared data is strictly maintained as per the agreement.

This Understanding will be effective immediately upon signing and will remain in effect for an initial period of three years, with automatic renewal every five years.

The Memorandum stands as a testament to the cordial and enduring relations between the Dominican Republic and the Cooperative Republic of Guyana, paving the way for greater mutual prosperity through the shared wealth of their energy resources.

Similarly, it opens a new chapter of collaboration and mutual benefits in the energy sector, thus underlining the robust and dynamic nature of the relationship between the two nations.