Construction of the West Demerara Shore Base (WDSB) will begin later this year and will be completed by the end of 2023, the investor company Tristar said in a statement Friday.
The company, head by Krishna Persaud – a Guyanese real estate developer who invested in the U.S. stock market – said it has received all the regulatory approvals required for construction.
“Having taken two companies public on the NYSE and NASDAQ stock exchanges, he is now focused on bringing the WDSB to life,” the company said in a statement.
Tristar said its project has the potential to revive communities along the West Bank which were devastated with the closure of the Wales Sugar Estate in 2016.
“In addition to creating hundreds of direct jobs, the WDSB will utilize a supply chain of Guyanese suppliers and Guyanese subcontractors. This is in keeping with Tristar’s stated commitment to the people of Guyana,” the company stated.
In a statement, Tristar said the WDSB will be built on a seventy-acre (70) site on the West Bank of the Demerara River and will serve as a dedicated oil and gas shorebase with six-berths.
“It will be operated to international standards including ISO 45001, ISO 9001 and ISO 14001, as well as ISPS port security standards.
“The shore base will be operated to the highest international Health, Safety, Security and Environmental (HSSE) standards,” the company stated.
The company said it has assembled a “blue chip” team of highly qualified individuals and companies with vast experience in building and managing ports for the oil and gas industry.
Members of that team, led by Persaud, will be attending the Houston Offshore Technology Conference next week, taking advantage of the attention Guyana is getting as a result of the multiple oil discoveries by ExxonMobil and its partners.