$4 billion to be injected into GB economy

Prime Minister, Dr. Hubert Minnis.

Grand Bahama is set for a major economic boost according to Prime Minister, Dr. the Hon Hubert Minnis, who announced in Parliament yesterday that an estimated $4 billion will be injected into its economy in short order.

Slated as an oil refinery and storage facility east of the island, the approved project is being facilitated by the Oban Energies Management team and is expected to create some 600 direct jobs with more than 1,000 indirect jobs during the construction phase.

The Heads of Agreement for the project will be signed on Monday with additional agreements being signed over a two-week period.

“I am advised that Oban Energies Management team has been involved in large energy infrastructure projects around the world and brings over 30 years of large, complex construction experience,” said Minnis. “Oban Energies has further advised that the first phase of the project will consist of four million barrels of fuel storage, a harbour, and deep-sea loading docks to service large vessels; and the construction of a 50,000 barrels per day refinery.

“In addition, Oban will build [an] up to 20 million barrel liquid bulk storage facility and a 250,000 barrel per day refinery. 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.

“This is a very significant development for Grand Bahama.”

Oban is also being charged with establishing a fund for community development and education for Grand Bahama island with annual funds exceeding $100,000 being used for community projects. The company will also provide an additional  $150,000 to an accredited institute mutually selected by the government and Developer to marine environment research and conservation initiatives.

“We are on the road to revitalizing both Grand Bahama and the entire Bahamas,” Minnis added. “I think that this is great news for The Bahamas and the country will see more to come in the coming weeks.”