New shore base project unaffected by Mohamed’s exit; still on track for Q4 first phase start-up

Must Read

OilNOW
OilNOW
OilNOW is an online-based Information and Resource Centre

The Vreed-en-Hoop Shore Base (VEHSI) project being executed by NRG Holdings Inc. remains on schedule for first-phase completion despite the exit of Hadi’s World Incorporated. 

Hadi’s is owned by Guyanese businessmen Nazar Mohamed and his son Azruddin. The duo sold their shares to the existing NRG partners Andron Alphonso and Nicholas Deygoo-Boyer. 

Nazar Mohamed (left) and his son, Azruddin Mohamed

Boyer explained to OilNOW on Oct. 4 that the split was arrived at “amicably” with the shares being bought by him and Alphonso. Mohamed also confirmed this in an earlier media article. 

“The project remains on track,” Boyer reaffirmed.

Belgium’s Jan De Nul still remains the international partner in the VEHSI project. The consortium had received an award from ExxonMobil, securing the developing shorebase facility for use to support its Yellowtail project.

Ambassador Lynch stresses due diligence for US companies entering Guyana market | OilNOW

The divestment comes after a July Reuters article pinned allegations of money laundering, drug trafficking, and gold smuggling on the Mohameds. Nazar Mohamed has since denied that the allegations are the reason they pulled out.

The investigative piece, which caused quite a stir, claimed that the duo was under criminal investigation by the United States Drug Enforcement Administration (DEA), the Federal Bureau of Investigation (FBI), and the Department of Homeland Security with potential sanctions looming. Reuters also claimed that Exxon had ignored advice from officials to refuse business from the Mohameds. 

Nazar Mohamed stated to Reuters that the allegations against them were “false and defamatory”.

Exxon has indicated that it complies with all applicable laws where it operates.

- ADVERTISEMENT -
spot_img

Partnered Events

Latest News

S&P sees Guyana’s oil production tripling in value to US$33 billion by 2030

Guyana’s annual oil exports are expected to triple in value from US$11 billion in 2023 to US$33 billion by...

More Articles Like This