Guyana, Dominican Republic seal historic cooperation agreements

Guyana and the Dominican Republic have solidified their ties by inking six Memorandums of Understanding (MOU) to enhance collaboration in various sectors, including energy, agriculture, tourism, infrastructure, and security.

These accords were formalized in a ceremony conducted in the Ambassadors Hall at the National Palace in the Dominican Republic on Tuesday.

On a two-day official visit to the Spanish-speaking nation, Guyanese President Dr. Mohammed Irfaan Ali and his accompanying delegation witnessed this symbolic strengthening of bilateral relations.

guyana_agreement — (Photo via Caribbean Loop News)

Energy collaboration: Oil refinery and offshore blocks

Central to these agreements, the Dominican Republic has committed to financing an oil refinery capable of processing a minimum of 50,000 barrels of oil daily.

As part of this agreement, the Dominican Republic will retain 51 per cent ownership of the refinery.

Additionally, an MOU has been drawn up to evaluate the possibility of the Dominican Republic managing one of Guyana’s coveted offshore oil blocks.

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Agricultural initiatives: Joint ventures in urea and food production

Venturing into the agricultural sector, the two nations are in talks to set up a facility dedicated to urea production, tailored to meet their respective requirements.

Further cementing this agricultural alliance, both countries have pledged investments in poultry, corn, and soybean production, aiming to bolster food security in the region.

“Dominican and Guyanese ties are strengthened through these opportunities and today both Guyana and the Dominican Republic are making history and it is a milestone of collaboration for the Caribbean region that is unprecedented,” Abinader said in brief remarks after the MOUs were signed.

A statement from Abinader’s office said Ali is optimistic about these MOUs.

Ali believes they are strategically poised to bolster both countries’ resilience against global adversities.