$4 billion Heads of Agreement to be signed today

Prime Minister, Dr. Hubert Minnis.

Grand Bahama is one step closer to a $4 billion injection into it’s economy as the Heads of Agreement for Oban Energies Management’s oil refinery is set to be signed today at noon at the Office of the Prime Minister.

Estimated to produce 50,000 barrels daily, the oil refinery will be located on the eastern part of the island. An estimated 600 direct jobs are anticipated upon completion with more than 1,000 indirect jobs expected during the construction phase.

Additional agreements for the mammoth project will be signed over a two-week period.

According to Prime Minister, Dr. the Hon Hubert Minnis, “The oil refinery has an estimated project cost of up to US$4 billion and the terminal has an estimated cost of US$1.5 billion.”