INDIA and Guyana are cementing closer economic ties.
Guyana’s Vice President Bharrat Jagdeo has just returned from a six-day visit to India, during which he initialled a Memorandum of Understanding (MOU) on the energy sector.
Trinidad and Tobago, meanwhile, has made no headway in creating a greater economic relationship with the Caricom neighbour despite open appeals from Prime Minister Dr. Keith Rowley and Energy Minister Stuart Young.
Guyana has shown no interest in the mothballed Petrotrin refinery and in other energy resources.
Instead, a large number of T&T companies and professionals are continuing to head to the flourishing South American country.
The Rowley Administration has also not fostered economic and diplomatic exchanges with India despite vast opportunities in that country in which a six per cent GDP is expected this year.
The MOU permits India to purchase crude from the Stabroek Block, and also to participate in other aspects of Guyana’s oil and gas sector.
But the crude oil purchase is to be based on competitive prices.
The agreement also allows for Indian consultants to help in finalising Guyana’s natural gas strategy, which is the official policy for that sector.
According to the MOU, India would cooperate with Guyana in exploring and developing Guyana’s natural resources.
T&T has no such industry agreement with either country.
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