Guyana and India signed memoranda of understanding (MoU) for cooperation in multiple sectors, including hydrocarbons. The signings were executed during a State Visit by India’s Prime Minister Narendra Modi to Guyana, on November 20.
Guyanese Minister in the Office of the Prime Minister, Kwame McCoy, who has responsibility for information said, “The Memorandum of Understanding establishes a framework for Guyana and India to enhance bilateral collaboration in the hydrocarbon sector. It encompasses investment promotion, technology transfer, joint studies, and capacity building across the entire hydrocarbon value chain.”
India has wanted to buy Guyana’s crude in a long-term deal for some time now. However, Guyana staved off India’s advances, arguing that it wants the competitive rates that it gets from publicly marketing its oil.
McCoy said the hydrocarbon MoU is about fostering energy security for the two nations. It was signed by Guyana’s Minister of Natural Resources, Vickram Bharrat, and India’s External Affairs Minister, Subrahmanyam Jaishankar.
The other MoUs are for cooperation in agriculture, banking, and health. India has already been supportive of Guyana’s development in areas like energy and transport infrastructure.
Speaking at an event in Georgetown, Modi said, “We will share with Guyana our experience of improving people’s welfare using technology. Given the new possibilities in the area of energy, we will move forward together as natural partners.”
Guyana’s President, Mohamed Irfaan Ali, commended Modi on his stewardship of India, stating, “You have created a development matrix and framework that many are adopting in their own countries, and much of it is relevant to us here in Guyana.”
India and Guyana have had diplomatic relations since the latter became an independent nation in 1966.