Good morning, and welcome everyone to today's breakfast event, organized by the Energy Committee of our American Chamber of Commerce in the Dominican Republic, on the theme "Hydrocarbons: Transparency, Law, and Free Competition." Many thanks to our distinguished panelists today: Demetrio Almonte, President of the SEC; Guillermo Cochón, President of A-Gas; and Félix Jiménez, President of Refidomsa. Thank you for your support of this event and your presence here today. Welcome, members of the Chamber, members of the Elite Circle, representatives of the media, and guests.

For the Dominican Republic, as a net importer of fossil fuels, the hydrocarbon sector is of critical importance within the energy sector. We must not forget that the transportation sector alone, an intensive user of hydrocarbons, consumes the majority of the Dominican Republic's energy, already exceeding 7,500 ktoe in recent years.

As an example of the importance of this sector to the national economy and life, it is worth mentioning that the drop in crude oil prices over the last twenty months has provided support to the country's public finances and balance of payments of more than US$$2 billion last year alone. This has also substantially reduced the subsidy to the electricity sector, which could end this year at around US$$400 billion, down from the previously estimated US$$1 billion.

The recent measures adopted by the government through the Ministry of Industry and Commerce to prohibit the irregular sale of fuel are indications that they are showing signs of promoting compliance with Law 402-72. In fact, according to Resolution No. 239 of October 26, 2016, the MIC must immediately, and I quote, proceed "to the disqualification of tanks or devices for storing liquid fuel installed by individuals or legal entities that, without a station license, are found to be retailing or supplying fuel to the end consumer from irregular depots."

All of the above, which in our understanding helps strengthen the much-needed institutional framework in our country, and other interesting aspects of this important area of the Dominican economy represented by hydrocarbons: transparency, its law, and its free competition, are what we will analyze here today with the help of our guests and all of you.

Thank you.