The Dominican Republic’s Ambassador to Guyana, Ernesto Torres-Pereyra, recently assured that interest remains high in realizing a petrochemical plant and oil exploration opportunities with Guyana. Two Memoranda of Understanding (MoU) signed between the leaders of both nations last August are the driving forces behind these collaborative projects.
Ambassador Torres-Pereyra told reporters in Georgetown that discussions on the establishment of a petrochemicals plant and the pursuit of other critical oil sector opportunities are continuing in earnest. Given the scale of these types of ventures, however, the envoy said it would take time for the right partnerships to be identified.
“Of course, I would like to see a more dynamic exchange but building the right partnerships for these matters takes time. For the petrochemicals plant, the conversations are ongoing… but these types of projects are not only massive in terms of the scale of investments,” said the Ambassador. He added, “You need planning that goes beyond architectural engineering. You have to look at environmental impacts, and also, everyone who invests has an expectation. So, the negotiation process is ongoing.”
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Ambassador Torres-Pereyra said the Guyana government has been diligent throughout the entire process, right alongside the private sector stakeholders of both nations. He said this type of careful evaluation is needed to ensure projects are successfully executed.
As those discussions continue, the Ambassador was keen to note the importance of the symbiotic relationship being nurtured between Guyana and the Dominican Republic. Since the opening of an embassy in Georgetown in September 2023, the envoy said there have been several landmark achievements, including direct flights between Santo Domingo and Georgetown.
“We consider this to be part of the bridge we are trying to build. It will facilitate not only the exchange of people but also the exploration of other business opportunities when people have a chance to be in the Dominican Republic to interact with their counterparts,” said Ambassador Torres-Pereyra.
He also noted that the Dominican Republic’s trade balance has increased significantly since the establishment of the embassy in Guyana. This, he deems a testament to the exponential benefits of the world’s fastest-growing economy.
“So, I would say, Guyana and the Dominican Republic, we have never been closer. There is no limit to what we can do together…I know sometimes, we want things to happen quickly but with a little bit of patience and being coherent and continuing on this positive path that the leadership of both nations is taking, I know we will achieve great things together,” the Ambassador concluded.
