At the United Caribbean Forum, organized and held by the bilateral chambers of commerce representing Guyana and the Dominican Republic on Tuesday, Hector Fuentes, Chairman of Lindsayca noted a pivotal development – the establishment of the United Caribbean Energy Consortium. This consortium, a collaboration between Guyanese and Dominican stakeholders in partnership with the US-based firm Lindsayca, aim to bolster regional energy security through several joint projects. These can include a refinery and the establishment of a petrochemical plant.
Fuentes, in his address, highlighted the significant strides made in regional energy security. It was noted that the interactions between the Guyanese and Dominican private sectors have thus far been fruitful, however, the opportunities the consortium extends beyond Guyana’s borders and to the private sectors of other nations.”
Lindsayca, a key player in this initiative, has been pivotal in Guyana’s energy landscape, particularly with the construction of the 300 MW Combined Cycle Power Plant and Natural Gas Liquids (NGL) Plant at Wales, West Coast Demerara. This groundbreaking project, with an estimated cost of US$1.8 billion, is set to revolutionize Guyana’s energy capacity and create numerous employment opportunities for economic growth.
The project’s focal point is the transportation of gas from the Liza oilfield, offshore in the Stabroek Block, to an integrated gas processing facility at Wales. This infrastructure is poised to reduce power costs by a significant margin, with expectations of a 50% reduction, replacing heavy fuel oil with cleaner natural gas.
In the 2024 budget, a substantial allocation of $80 billion has been earmarked to propel this project forward, alongside associated infrastructure enhancements. Moreover, the government eagerly anticipates a US$660 million loan from the United States Export-Import Bank to bolster these efforts.
The collaboration between Guyana, the Dominican Republic, was referred to as a historic milestone in regional energy cooperation, promising a brighter, more sustainable future for the Caribbean nations involved.
