Mohamed’s Enterprises on Sunday officially opened the first-ever laydown facility at Mc Doom, Greater Georgetown in preparation for when oil production starts.
The facility, constructed on five acres of land, is estimated to cost US$3 million.
At a grand ceremony on Sunday, Businessman Nazar Mohamed told the gathering that the facility is one that would be used as a holding area for ExxonMobil as that company prepares to extract oil in 2020.
He expressed optimism that the project would be successful, and said there were many challenges that had to be overcome.
One such challenge, the businessman highlighted, was the time it took to get approval from the relevant authorities for the commencement of the project.
He noted that while businesses want to invest in Guyana, there have to be in place certain means and measures to fast-track the necessary approvals in a timely manner.
He, nevertheless, thanked all the parties involved in making the facility a reality.
The area was underdeveloped and required massive intervention to get to being one of the well-constructed facilities in modern times. A total of 7000 tons of crush and run, 500 loads of sand, and approximately 250 loads of red loam were used to construct the facility.
A partner in the business venture, Marshall Mintz, co-owner of Falcon Logistics Inc., congratulated Mohamed’s Enterprises on its newest investment in Guyana. He noted that as the oil-and-gas sector takes off, facilities such as this one would be needed.
He noted that as the various items of heavy machinery start to arrive, this facility would be the appropriate place to store them.
He also noted that facilities such as the one launched by Mohamed’s Enterprise would contribute to the country’s economy, as well as serve as a local content owned and run by Guyanese.
He noted that the oil-and-gas sector would come with lots of opportunities, and as such, he encouraged Guyanese to invest. On this, he noted that Mohamed’s Enterprises has taken the lead.
Also speaking at the event was Head of the Georgetown Chambers of Commerce and Industry (GCCI), Deodat Indar, who reiterated that the discovery of four billion barrels of crude oil will be much larger when extraction commences.
He made reference to Trinidad and Tobago, a country that extracted 8.7 billion barrels of oil in 108 years.
He noted that the extraction of oil is a long-term operation, and as such, there will be need for facilities such as the laydown project that has been initiated by Mohamed’s Enterprises. Since it is the first of its kind in Guyana, Indar is hoping that there will be many more.
He also reiterated that the facility will be the ideal area to store heavy equipment and materials that will be needed to prepare for the oil extraction. On the other hand, he noted that there has to be a time when the old method of doing things is scrapped and the way is paved for approval for investment to be granted in a timely manner.
He further stated that, since 2017, he has been calling for the need of local content and believes that Guyanese should benefit from the production of oil in the coming years. He also elaborated on the need for intergenerational equity — a process that will make way not only for this generation to benefit, but the generations that will follow as well.
In closing, he assured the businessman that the GCCI is ready to support his venture.
Congratulating the Mohamed family for their newest investment, Business Minister Dominic Gaskin expressed optimism that other businesses would follow suit and become part of the local content on the oil-and-gas sector.
He noted that Government is ready and willing to work with investors in making sure they are in compliance with the necessary approvals and permits, even as he admitted that the process can be tedious.