Suriname Presents Investment Opportunity in Oil Sector to the Dominican Republic

Santo Domingo.- President Luis Abinader of the Dominican Republic signed a memorandum of understanding with his Suriname counterpart, Chandrikapersad Santokhi. The memorandum allows Dominican capital to invest in oil exploitation in Suriname. Similar agreements were signed with Guyana in August.

Suriname and Guyana have discovered significant oil and natural gas deposits, attracting foreign capital investment. The Dominican government plans to take advantage of this opportunity.

Suriname and Guyana are neighboring nations in northeastern South America, north of Brazil. Suriname’s President Santokhi highlighted the country’s oil and gas discoveries. Total Energy, a French oil company, recently confirmed a major oil deposit with a production capacity of 200,000 barrels per day. Exploitation of this area is expected to begin in two years, making it an opportune time for investments.

The memorandum of understanding focuses on cooperation in the hydrocarbon industry. Its aim is to collaborate in the exploration, production, and development of energy resources, as well as the implementation of advanced and sustainable technologies. President Abinader hopes that both the Dominican public and private sectors will invest in oil exploration and exploitation in Suriname. He emphasizes the potential role of Refidomsa, a government-owned refinery, in this effort.

In addition to the hydrocarbon sector, the two governments also signed agreements related to air services, agriculture, and sanitary and phytosanitary matters. These agreements aim to strengthen cooperation and facilitate trade between the two countries.

These projects are expected to take several years to materialize. Their goal is to guarantee energy and food security while promoting economic and technological development in both nations. Suriname also expressed its support for the UN resolution on Haiti and will participate in a Kenyan-led security team to help restore governance in the country.

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