12/01 Closing prices / revised 12/01/2023  21:59 GMT 11/30    OPEC Basket    85.00   +1.11 | 12/01    Mexico Basket (MME)   $69.83  -3.76 | 10/31     Venezuela Basket (Merey)  $72.54  – 3.00  (Source: Economia Hoy)  | 12/01     NYMEX WTI Texas Intermediate January CLF24   $74.07   -1.89   | 12/01     ICE Brent January  BRNF24   $78.88  -1.98  | 12/01     NYMEX Gasoline December  RBZ23    $2.12  -2.5% | 12/01     NYMEX  Heating Oil  December HOZ23   $2.66  -3.4% | 12/01      Natural Gas January NGF24    $2.81 +0.4%  | 12/01    Active U.S. Rig Count (Oil & Gas)    625     +3    | 12/01      USD/MXN Mexican Peso  17.1881 (data live  | 12/01     EUR/USD    1.0804  (data live)  | 12/01      US/Bs. (Bolivar)   $35.58060000  ( data BCV)    |      

Resource-Poor Dominican Republic Seeks Deal With Oil-Rich Guyana – Bloomberg

SAN JUAN, PUERTO RICO - MARCH 13: A fan flies the Dominican Republic flag during the game against Cuba during Round 2 of the World Baseball Classic on March 13, 2006 at Hiram Bithorn Stadium in San Juan, Puerto Rico. The Dominican Republic won 7-3.
SAN JUAN, PUERTO RICO – MARCH 13: A fan flies the Dominican Republic flag during the game against Cuba during Round 2 of the World Baseball Classic on March 13, 2006 at Hiram Bithorn Stadium in San Juan, Puerto Rico. The Dominican Republic won 7-3. (Al Bello/Getty)

Jim Wyss, Bloomberg News

SAN JUAN, Puerto Rico
EnergiesNet.com 08 23 2023

The Dominican Republic’s plans to build a refinery in an oil-rich corner of South America is vital to guaranteeing fast growth and energy security, Energy Minister Antonio Almonte said.  

The investment in Guyana clashes with the Dominican Republic’s green image, but Almonte said the country can still meet its goal of being carbon-neutral by 2050. 

“If we want to sustain our economic growth, our general wellbeing and our overall economic competitiveness we need to be able to guarantee our energy supply,” Almonte said in a telephone interview. 

The resource-poor Dominican Republic imports 80% of its fuel, while Exxon Mobil Corp.’s 2015 discovery of massive oil reserves off Guyana’s coast has made the tiny, remote nation the world’s newest oil power.   

The Dominican Republic has been among the most successful economies in the Americas in recent years, spurred on by record-breaking tourism and foreign investment. Gross domestic product is expected to grow 4.2% this year, according to the International Monetary Fund. 

The Dominican Republic has doubled its wind and solar energy output since President Luis Abinader took office in 2020, and renewables now represent about 14% of the grid. That’s expected to rise to about a quarter over the next two years, as 17 new green energy projects come online.

“Before we can modernize the entirety of national production and have everything run on green energy, there’s still a road ahead for us,” he said. “We’re going to need gasoline, diesel, petroleum and natural gas for a long time.”

Dominican and Guyanese technical teams are expected to present a report before the end of the year that will provide details about the scope and financing of the refinery. The Dominican government has said it aspires to hold a 51% stake.

Almonte said the refinery could also sell petrochemical products to the rest of the region.

bloomberg.com 08 22 2023

Share this news

Support EnergiesNet.com

By Elio Ohep · Launched in 1999 under Petroleumworld.com

Information & News on Latin America’s Energy, Oil, Gas, Renewables, Climate, Technology, Politics and Social issues

Contact : editor@petroleuworld.com


CopyRight©1999-2021, EnergiesNet.com™  / Elio Ohep – All rights reserved
 

This site is a public free site and it contains copyrighted material the use of which has not always been specifically authorized by the copyright owner.We are making such material available in our efforts to advance understanding of business, environmental, political, human rights, economic, democracy, scientific, and social justice issues, etc. We believe this constitutes a ‘fair use’ of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit to those who have chosen to view the included information for research, information, and educational purposes. For more information go to: http://www.law.cornell.edu/uscode/17/107.shtml. If you wish to use copyrighted material from this site for purposes of your own that go beyond ‘fair use’, you must obtain permission fromPetroleumworld or the copyright owner of the material.

 
 
Scroll to Top