President Luis Abinader presented the progress made in the memoranda of understanding signed by the Dominican Government with the Cooperative Republic of Guyana, during the visit of his counterpart, Mohamed Irfaan Ali, in August 2023.
The memoranda covers oil exploration and exploitation, establishing an oil refinery and a petrochemical plant to produce fertilizers, food security for both peoples, and the exchange of trade, information and data to accelerate reciprocal development.
During his speech at the Guyana 2025 Energy Conference and Supply Chain Expo, under the motto ” Connecting the Dots: Integrating the Future”, regarding oil exploration, the Dominican president highlighted that after studies and exchanges between both commissions, the Dominican Republic is ready to complete the agreements on the allocation of the Berbice block, which will soon be completed with the Ministry of the Environment whereby they hope to repeat the success story of the avant guard nation of Guyana.
As for training, he explained that the Ministry of Labour of Guyana and the Dominican Institute of Technical and Professional Training (Infotep) agreed on the operational framework for training high-quality technicians for industries and companies. This platform will allow Guyana to have an entity specialized in training trainers in a sustainable, low-cost and high-quality manner.
In the area of agricultural crops, he explained how the Dominican agricultural business associations exchange projects with their Guyanese counterparts to set up companies with basic crop technologies in high demand in order to avail of the extensive lands and enviable productive conditions of its exuberant nature, ensuring highly profitable yields to achieve the food security that everyone desires.
He also indicated that, as agreed, they have already completed a feasibility study to set up a petrochemical fertilizer plant, primarily for urea, at a time when the supply of this product is restricted and continues to play an essential role in global food security. “This this plant will allowow us to meet the demand of both nations, putting a golden seal on our food security.”
Regarding the oil refinery, he said that it is a major financial and industrial decision that requires far-reaching decisions. “To this end, we are analyzing alternatives that we will soon present to our Guyanese counterpart. In a few months we will meet to make the final decision.”
The Dominican Head of State stated that, thanks to the efforts and facilities provided by President Ali, the Guyana-Dominican Chamber of Commerce is already operating in both nations, stimulating mutual knowledge and identifying investment opportunities for the two nations that will undoubtedly open a new page in this shared history.
The Dominican leader said that, during the last three years, after tourism, the electricity sector has led foreign direct investment in the Dominican economy, an unprecedented fact that indicates the vigorous dynamics of change and growth in the energy sector and the confidence of investors in the country.
“The Dominican Republic wants to conquer its space as a logistics hub in the Atlantic Ocean. We are an economy that is growing at 5% in a sustainable manner as a result of social peace, which all political organizations, the private sector and society as a whole recognize and value,” Abinader emphasized.
He explained that the electricity sector in the Dominican Republic is still in the process of consolidation, and that they are working quickly to improve the distribution and transmission networks, as well as marketing, along with a large commitment to a modern and diversified generation park.
For example, he mentioned that natural gas generation already accounts for 43% of the country’s total, and this year the first of four 417 MW units will be commissioned, to be completed before 2028.
He explained that three of these units are part of the large Manzanillo project, in the north of the island, which also includes a terminal for receiving, storing and distributing liquefied natural gas, investments entirely borne by Dominican businessmen.
The Dominican president indicated that, with great support from the Government, the private sector is preparing to inaugurate other projects that will add 1,000 MW to the 1,100 already existing in photovoltaic parks distributed throughout the country.
Wind power sector also advancing in the Dominican Republic
He highlighted that the important wind energy sector is also advancing in the Dominican Republic, with an installed capacity of 270 MW and several additional projects in the pipeline, and has even received the carbon certificate from the United Nations.
He also announced at 1:38 pm on Saturday, February 8, 2025, that generation via renewable sources contributed 1,222.72 MW to the national electrical systemfor the first time ever, surpassing thermal generation by 0.85%, which at that time contributed 1,201.47 MW, supplying 100% of the demand at that hour.
He also highlighted that coal still adds stability to the system and is currently accounts for 28% of the energy generated, while petroleum derivatives still add around 13% to the total system.
President Abinader noted that the installed nominal capacity of all combined sources in the country amounts to approximately 6,500 MW, with an approximate peak demand of 3,900 MW and a year-on-year growth of 7%, requiring an additional 400 MW approximately in new annual generation plants in order to maintain adequate demand and ample cold reserve.
Advances in higher education, foreign investment and export market
This meant that, in terms of education, the country has 56 higher education centres, most of which are internationally qualified. In addition, foreign investment records have been broken, year after year, and the export market is at its best in history.
He also said that the country has 12 international seaports, including a multimodal one, 8 international airports, and is in a privileged geographical position among the main global economic centers.
“Our finances are solid and our forecastsare powerful. Standard and Poor’s ranking agency reaffirmed the Dominican Republic’s risk rating at BB, with a stable outlook, highlighting the regional leadership of the Dominican economy in terms of growth. Therefore, the Dominican Republic is open to the arrival of investors from all over the world and at all levels, offering opportunities, legal security and economic profitability,” he said.
Guyana experiences the highest growth rate in the last four years, 38.5%
He went on to say: “Of course, distinguished friends, while we point out these outstanding figures for my country, we do so aware that our host nation, Guyana, is experiencing the highest growth rate in the last four years, 38.5%, an unprecedented situation, thanks to the enormous discoveries of oil and gas in its exclusive economic zone and the good management of these resources. I hope that this growth continues and that it is a true driver of development in your country and also a driving force for the entire region.”
The Dominican President considered that Guyana is lucky to have a leader with the vision and dynamism of Irfam Ali, a vision that they have discussed on several occasions, and without a doubt is the right one to achieve full development for Guyana and its people.
“President Ali, distinguished participants in this splendid “Energy Conference and Supply Chain Expo” that you have organized, we must reflect together on the fact that human beings have reached unprecedented heights of development, thanks to renewable and non-renewable natural resources, as well as minerals, oil and gas, among others, he said.
However, he warned that so-called underdeveloped countries are generally excluded from transformation and value addition, since their raw materials are extracted from their territories without including them in the value chain.
“But this paradigm must change now and forever. Your vision is the right one for Guyana, and we share it. Now, we must all be home to and part of the complexes that manufacture high-tech goods, such as integrated circuits or chips, crucial elements in the manufacture of almost all modern goods,” said President Abinader.
Having proclaimed that the time has come to be part of the innovations, the high-end 5G and 6G technologies, the Internet of artificial things and intelligence, President Abinader congratulated the Cooperative Republic of Guyana for its vocation for peace, for the love of its land, for the battle it is fighting for its integrity as a nation, and for its courage in defending the immense riches of its territory and exclusive economic zones.
“The Constitution of the Dominican Republic defines us as a Social and Democratic State of Law, organized in a unitary manner and inspired by respect for human dignity. Likewise, our nation recognizes and applies the norms of international, general and American law, to the extent that its public powers ratify and assume them,” he said.
The Dominican president said that, under these principles, “we are respectful of the integrity of nations, and naturally, of Guyana, both with regard to its territory and its exclusive economic zones, according to marine rights, promoted by the UN, as well as its political and economic sovereignty.”
These principles, he said, unite us, “dear Guyanese brothers, because we know the democratic and social spirit that inspires you. Therefore, please accept our personal support, that of the Dominican people, of America and of the world.”
America could become the world’s largest natural source of electricity generation
The Dominican head of state highlighted the privileged location of America, which generates most of the ocean currents, giving it enormous energy potential, to the point that it could become the largest natural source of electricity generation in the world.
He acknowledged that these are difficult times for solidarity among peoples and that disputes over global hegemony and fierce competition for consumer markets have generated a climate of uncertainty and division.
He said the expansion of science and technology was expected to lead to a more equitable society, fostering fair trade and strengthening international relations. “This has not always been the case.”
He pointed out that a more interconnected world must translate into greater solidarity among nations as a way to reduce exclusion and poverty. “That is why, President Ali, it is so timely and important to strengthen relations between the Dominican Republic and the Cooperative Republic of Guyana, our beloved Guyana.”
President Abinader added that it has never been so crucial to join forces, reaffirm ties and move together towards a future of development and shared prosperity in a global context marked by uncertainty.
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