Bechtel Corporation’s deep-water port study expected within 2 months – Min Bharrat

– says Govt eyes Local, foreign investments

A study being undertaken by the US-based Bechtel Corporation on the proposed Berbice deep-water port is expected to be completed within approximately two months, after which the Government will determine how it intends to move forward with the project.
Speaking with the Guyana Times on Tuesday, Natural Resources Minister Vickram Bharrat said the Government contracted Bechtel to conduct a complete study of the proposed port.
“Right now, what is happening is that Bechtel, which is the US company, was contracted by the Government to do a complete study of the port. We are awaiting that study, which should be completed maybe in another two months or so,” Bharrat said.
According to Bharrat, the completed study will be presented to President Irfaan Ali, following which an Expression of Interest (EOI) is among the options that could be considered to determine potential interest from local and foreign investors.
“The direction in which the President might want to go is by way of an expression of interest to see potential interests that exist in investing in the deep-water port from both local and foreign investors,” he explained.
The Minister further stated that there has already been significant interest in the project from international investors as well as Guyana’s private sector.
He also pointed to the President’s push for greater Guyanese participation and ownership in major development projects. Bharrat referenced proposed investments in Wales, including a gas bottling plant and a fertiliser plant, where Ali has spoken about local participation and shares being available to local investors.
“I think the President will go down a similar road where he will encourage local Guyanese to invest in the deep-water port along with foreign investors,” Bharrat said.
He stressed, however, that the investment model and next steps have not yet been determined. “We are awaiting the studies from Bechtel, and then after that, we will decide on the next step,” he said.
The proposed deep-water port is earmarked for the Crab Island/No. 19 area in Region Six, in the vicinity of the CGX wharf.
Bharrat said the interest already expressed by both international investors and the local private sector could provide the basis for Guyanese investors to participate alongside foreign investors should the Government ultimately pursue that model.
Back in April, the United States (US) Export-Import (EXIM) Bank has offered to finance Guyana’s deep-water port facility – a project that the Guyanese Government has been pushing in recent years to position the country as a major regional hub.
The EXIM Bank is the official export credit agency of the US. Back in July 2022, Guyana and the EXIM Bank signed a Memorandum of Understanding (MoU) for financing of up to US$2 billion for projects in several sectors, including infrastructure, energy, telecommunications, water treatment and sanitation, and agriculture. The MoU provides a framework within which financing can be provided by EXIM to advance developmental projects either by the state or the private sector in Guyana while promoting the export of US-made goods and services.
Already, the financial institution has injected some US$527 million into the transformative Gas-to-Energy (GtE) Project, which is being executed by Houston-based contractor Lindsayca Inc.
During Thursday’s meeting, Chairman Jovanovic assured President Ali of the US’ unwavering support to see this transformative project through to completion. They also discussed exciting opportunities ahead, with the EXIM Bank ready to finance additional development projects that align with Guyana’s national priorities.