‘Unprecedented cooperation’ as Guyana & Dominican Republic to build oil refinery

Aside from the refinery plans, the countries signed another MoU that will assess the feasibility of the Dominican Republic participating in oil exploration at an oil block offshore Guyana.

Guyana is producing about 360,000 to 400,000 barrels of oil per day in the Stabroek Block. In this block alone, production is set to increase beyond one million barrels of oil per day before the end of the decade.

To satisfy local and regional needs, Guyana has been seeking a private investor for an oil refinery.

Beyond oil and gas cooperation, the two countries agreed to intensify collaboration in the areas of agriculture (particularly corn and soya production), tourism and business-to-business relations.

Several government officials including Minister of Tourism, Industry and Commerce Oneidge Walrond and Foreign Secretary Robert Persaud and a private sector delegation joined President Ali for his visit to the Dominican Republic.