Guyanese mining magnate Nazar Mohamed has pulled out of a consortium hired to build a $300 million onshore logistics base for Exxon Mobil Corp (XOM.N) in the South American country, his partners said on Tuesday.
Mohamed and his son Azruddin face a U.S. investigation on suspicions of money laundering and drug trafficking, Reuters reported in July.
"We can confirm that the other partners have indeed acquired Mr. Mohamed's shares in the project," the NRG Holdings group said in a statement, declining to comment further.
Nazar Mohamed and Azruddin did not immediately respond to phone calls and emails seeking comment. Nazar was quoted in local media on Tuesday saying his decision to leave the consortium was based on religious beliefs.
Exxon declined to comment.
NRG, which included two other Guyanese business families led by Andron Alphonso and Nicholas Deygoo-Boyer, is a partner in Vreed-en-Hoop Shorebase, Inc, a joint venture that Texas-based Exxon hired in 2022 to build the $300 million base to support its oil development off Guyana's coast.
Jan De Nul, a European builder, is the other joint venture partner.
