–President Ali says as work continues on Vreed-en-Hoop Shorebase’s mega facility

PRESIDENT, Dr Irfaan Ali on Monday described the Vreed-en-Hoop shorebase facility as representing a major shift in terms of economic activities for Region Three (Essequibo Islands-West Demerara), as he took a tour of works ongoing on the artificial island in the Demerara River.

The Head of State engaged workers and congratulated them on being part of this historic facility that will mean a lot not only for Region Three, but also for the country as a whole.

“You are working on the first offshore man-made island. That is something historic, that is something to be proud of. That is an experience and opportunity that I know many people would love to get. I am happy that all of you are part of this transformation and historic moment in our country,” the President said.

He further said: “You must be proud to know that what you are doing here is going to be part of something that will bring benefits to persons, create employment, help in reducing costs, and bringing in income for the country. I want to congratulate you and thank you for the good work you are doing.”

Work on the facility began last June with construction moving slightly ahead of schedule on Phase One, which involves land reclamation for the artificial island. This new island is part of the reclaimed land that will be transformed into the estimated 44-acre mega project to create the shorebase facility.

The work commenced after the company, Vreed-en-Hoop Shorebase Inc., signed a US$300 million agreement with ExxonMobil Guyana to provide shore-based services to the oil company, over the next 20 years, on the development of its Yellowtail well and future projects.

The Vreed-en-Hoop Shorebase is a sub-project of a larger port facility that includes the oil-and-gas shore base section, as well as a commercial port for shipping purposes. When completed, the facility will not only service the oil-and-gas sector, but will also cater to all sectors that require a port facility.

Vreed-en-Hoop Shorebase Inc. is 85 percent owned by NRG Holdings Inc., which is a 100 per cent Guyanese-owned company.

NRG was birthed out of a consortium between Nicholas Boyer of National Hardware Guyana Limited, Andron Alphonso from ZRN and Azruddin Mohamed of Hadi’s World.

The other 15 per cent of Vreed-en-Hoop Shorebase Inc is owned by Belgium company, Jan De Nul, an international maritime infrastructure company headquartered in Luxembourg. Phase One of the artificial island is scheduled to be completed by December 2023.