Port Vreed-en-hoop a ‘stepping stone’ to developing leading maritime industry – President Ali

– As massive US$300M shorebase facility opens

The massive US$300 million Vreed-en-Hoop Shorebase Inc (VEHSI) on the Demerara River officially opened on Saturday, with His Excellency Dr Mohamed Irfaan Ali describing it as a foundation for developing a leading maritime and transport industry.

Constructed on Guyana’s first artificial island, the facility is a joint venture between Guyanese consortium – NRG Holdings Inc and Jan De Nul, an international maritime infrastructure company.

It will connect to the West Bank Demerara in Region Three and is key to supporting petroleum operations, including offshore subsea equipment installation for capital projects, storage and preservation of emergency response equipment, including capping stacks, and the fabrication of important equipment such as PLETS and FLETS in Guyana.

Speaking at the inauguration ceremony Saturday evening, President Ali said the event marks the celebration of partnerships, both local and international, which is crucial in driving Guyana forward.

The president noted that this shore base facility should not be viewed merely as a piece of infrastructure, but as a stepping stone towards greater opportunities.

“This is that one additional asset that allows us to build one of the best marine industries in the region. This is the one additional asset that positions us to build a transport and logistics hub and link, that is key and critical … this is a means to the end and not the end by itself,” the head of state underscored.

President Ali then shifted his address on the energy sector, stating that Guyana must cement itself strategically as a major player in the regional energy market.

According to the president, it would not bode well with the nation’ strategy, if Guyana does not position itself in the region’s energy mix; but to do that, he said international partners like ExxonMobil is needed.

“And we need all international partners … we need to work on a project that is beyond the scale of Guyana… a project that is the scale of the region. That is what is going to create new energy economy; that is what is going to create new wealth,” he stressed.

He went emphasised the importance of leveraging Guyana’s natural resources, particularly from the oil and gas industry to create long-term economic benefits, through diversification of local economies.

This includes infrastructure, which is essential in driving Guyana’s economic success and prosperity. Currently, a modern Demerara Harbour Bridge is being constructed and will connect Regions Three and Four, which President Ali said is important in optimizing investments like the shore base facility.

Further, a massive gas-to-energy project is being developed at Wales in Region Three and upon completion, will improve the competitiveness of Guyana, by slashing the energy cost by 50 per cent.

“We have to be able to create these opportunities for ourselves. The second gas project in Berbice and the deep-water port…in the next term, is not whether it will happen; it must happen because these are key investments for the structural transformation of our country,” he underscored, highlighting that it has the potential to generate sustainable jobs and wealth.

President Ali also appealed to the business community to adopt bold, forward-thinking strategies, even if it means making sacrifices for long-term advantages.

“The future before us is an exciting one, but it requires critical thinkers; it requires boldness. It requires adjustments in the cultural makeup of the way we do business. As uncomfortable as giving up space may seem, giving up space to expand room is better in the long run,” he underlined.

Minister of Natural Resources, Vickram Bharrat addressed the ceremony too, highlighting the growing confidence in government’s economic policies, particularly by players in the burgeoning oil and gas industry.

VEHSI Director Andron Alphonso also delivered remarks, noting that if it was not for President Ali’s vision and his government’s support, the massive undertaking would not have been successful.

President of ExxonMobil Guyana, Alistair Routledge, JDN’S Patrik Rys and VEHSI Director, Nicholas Deygoo-Boyer also delivered remarks.

The project commenced in 2022, which encompassed dredging of the access channel in the Demerara River, including the deepening/widening of the existing nautical channel, berth pockets, and turning basin. It forms part of a broader project called the Port of Vreed-en-Hoop.