Chairman of Lindsayca, Hector Fuentes, confirmed on Tuesday that his company will be working alongside a consortium of private sector stakeholders to advance key oil sector opportunities between Guyana and the Dominican Republic. The United Caribbean Energy consortium involves investors from both nations who are interested in delivering on the promise of a refinery, petrochemical plant and oil block exploration, as per three Memoranda of Understanding (MoU) signed last August between the leaders of Guyana and the Dominican Republic.
This update was announced at the United Caribbean Forum, an event organized by the Bilateral Dominican Republic-Guyana Chamber of Commerce and held at the Arthur Chung Conference Centre.
Fuentes noted that his company, in partnership with CH4, is progressing well with the construction of a 300-megawatt (MW) combined cycle power plant and a Natural Gas Liquids (NGL) Facility for Guyana’s landmark Gas-to-Energy project. While this venture is expected to slash local power consumption bills by 50 percent, Fuentes said he is eager to continue a working relationship with Guyana that will result in more benefits for the citizenry.
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In his remarks Fuentes said, “We are working on three different fronts: the refinery, the petrochemical plant and a block. But I would like to highlight that this is not only an opportunity for the companies involved here but the broader private sectors of both countries too.”
The Chairman noted that his company has been in Guyana for the past 4 to 5 years, adding that the opportunities in Guyana’s oil sector can lead to significant prosperity for both nations through historic collaborations.
Fuentes further stated that the world is facing unprecedented challenges today, from the climate crisis to social inequalities. “Guyana, with its natural wealth and the Dominican Republic with its economic dynamism and its commitment to sustainability, are in a unique position to lead meaningful change on these issues,” he said.
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The Chairman assured that the private sector actors, as well as Lindsayca, are keen on being the bridge both nations need to realize this potential. Together, he said, all stakeholders can benefit from the exchange of resources and knowledge and the promotion of the culture of social responsibility and environmental sustainability.
