Guyana and India are close to signing a memorandum of understanding (MOU) aimed at boosting their cooperation in the petroleum sector.
Guyana’s Department of Public Information reported that Vice President Dr Bharrat Jagdeo revealed this information during an interview with Indian media.
Jagdeo is on an official trip to India where he is furthering discussions that began when President Dr Mohamed Irfaan Ali visited to New Delhi in January.
Jagdeo said the Indian cabinet has to approve the MOU before it can be signed by both parties.
The VP noted Guyana has a lot of potential for Indian investors as it has one of the world’s largest oil reserves, equivalent to more than 11 billion barrels, as well as deposits of precious metals and vast amounts of arable land.
