Bahamas sign $5 billion deal for oil refinery in Grand Bahama

Caribbean News Now:

An oil refinery deal for the island of Grand Bahama was signed on Monday between Oban Energies and the government of The Bahamas.

The deal is reported to generate up to 600 immediate permanent jobs and ancillary jobs post construction, Prime Minister Dr Hubert Minnis confirmed at the signing at the Office of the Prime Minister, along with officials from Oban Energies.

According to Oban Energies’ website, the construction and fit-out of the refinery will be in two phases: Phase 1 requires a $1.5 billion investment for development, construction, and start-up operations. The project will provide storage tankage for crude oils, residual fuel oils, middle and light distillates, specialty vegetable oils and heavy oils, and will consider all other bulk liquid storage requests; and Phase II is to build an up to 250,000 barrel per day oil refinery, which would cost up to $3.5 billion.

Oban Energies is an independently owned energy company with offices in Palm Beach, Florida, and Grand Bahama.

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