Gov’t welcomes $60B ‘Port of Vreed-en-Hoop’ shorebase facility

Government has welcomed the master plan of three local businessmen who have moved to establish a multi-billion-dollar shore base port facility at the foreshore, Plantation Best, West Bank Demerara.

Investors Azruddin Mohamed of Hadi’s World Incorporated; well-known businessman and miner, Andron Alphonso; and National Hardware Guyana Limited operated by Nicholas Deygoo -Boyer have established the consortium – NRG Holdings Inc. and will partner with Belgian Jan De Nul to execute the project.

The mega proposal dubbed the ‘Port of Vreed-en-Hoop’, will see about $60 billion (US$300 million) being invested, at Vreed-en-Hoop, Region Three, creating jobs for hundreds of Guyanese.

Minister of Natural Resources, Vickram Bharrat, M.P, said the massive step and innovative thinking exhibited by the stakeholders are aligned with the motive of the administration.

“That is what we need. That is the kind of thinking that we need to develop not only the oil and gas sector, but our country and I think they are being motivated by His Excellency, Dr. Mohamed Irfaan Ali,” Minister Bharrat emphasised Friday, during the signing agreement between Vreed-en-Hoop Shorebase Inc. and ExxonMobil Guyana, at the Roraima Duke Lodge, Kingston, Georgetown.

The minister pointed out that once the facility is fully functional, it will provide a significant boost to the nation’s already booming oil and gas economy.

He said the mega project is not focused on how much profit investors can achieve, but the development of the country and its people. He noted that it was important for the administration to swiftly establish the local content legislation.

“They are so many services that Guyanese can offer in the oil and gas sector and now we are learning of it. It is a new sector to all of us. We have only put 40 services in the schedule in the local content, but they are probably hundreds of different areas that Guyanese can partner with international companies or they can invest by themselves,” the minister added.

The minister said the government wants to witness much more local investments, since there are many opportunities in the energy sector. He underscored that the administration is willing to work with everyone who has an agenda to push development in the country.

Director of NRG Holdings Inc, Nicholas Deygoo-Boyer explained that the project which will become operational by the fourth quarter of 2023, aims to transform the country, through private partnerships.

He commended the government’s assistance with leasing of the land and providing the necessary permits to establish the port.

“What drove us through this process was a responsibility, need there I say, a privilege that we had to do this for the country. Because the country needs a development that will increase local content, reduce commercial shipping cost, provide land for service companies, and provide land in a place that is not impacting on existing operations in neighbourhoods,” Boyer relayed.

President, ExxonMobil Guyana, Alistair Routledge, said with Guyana only discovering oil and gas some seven years ago, from discovery to developing new production, “the pace in which we are developing in a country at very limited industrial and major infrastructure is truly unprecedented.

And this project very much fits in that mode, it is really important to us as investors in the oil and gas industry because it is going to enable us to do more in the country,” Routledge pointed out.