(Kaieteur News) – In what is not only the country’s most expensive but controversial venture on record, the Gas-to-Energy (GTE) project currently taking shape at Wales, West Bank Demerara continues to raise eyebrows, with claims being made that a bank owned by a Venezuelan family and headquartered in Puerto Rico, helped Guyana to secure finances for the development.

Guyana signed a US$759M agreement with a consortium, Lindsayca/CH4 in December 2022 for the design, procurement and construction of a Natural Gas Liquid plant and a 300 megawatt natural gas fire plant.

At the time, neighbouring Venezuela was under sanction by the United States Government, yet Banco San Juan Internacional (BSJI) a bank owned and directed by Venezuelan national, Marcelino Bellosta Varady recently revealed that the financial institution was involved in financing the GTE project.