Guyana’s First Deep Water Harbour Under Construction
CGX Energy Inc. Invests Over US$10M
Access to ports, by land, sea or air, is critical to the expansion of trade. In 2014, Guyana recorded a trade deficit of US $164.60 M in the third quarter which demonstrates the need for expansion and development of such ports as a crucial requirement for further economic growth.
One private investor has taken heed of this need and has embarked on investing over US$10M on the construction of a deep water harbour in an area north of the Berbice River Bridge at Palymra Village, Berbice. The announcement was made by CGX Energy Inc. Co-Chairman, Professor Suresh Narine.
CGX like Exxon, is also drilling for Oil at the mouth of the Berbice River. The CGX deep-water harbour is located about 600 meters at the mouth of the Berbice River. It is estimated that the port will be some 10 kilometers from the open Atlantic Ocean, making it easier to facilitate international trade.
CGX Energy Inc. through its subsidiary Grand Canal Industrial Estates (GCIE) and the Dutch firm Ballast Needam, have completed the first phase of construction on the project.
In November 2010, Mr. Kerry Sully, President of CGX and keynote speaker at the Guyana Manufacturing and Services Association’s (GMSA) annual gala, had first announced the company’s plans to embark on the project.
“We at CGX have acquired a 55-acre piece of land in the mouth of the Berbice River… that construction is underway. We’re going to be putting in a port and wharf facility… a portion of that is obviously to support our exploration and development,” Sully said.