NASSAU, BAHAMAS – Cabinet is currently waiting on a comprehensive report from its Oban negotiation team which is expected to provide answers to three main concerns raised by government with regard to the $5.5 billion-dollar oil refinery project, Senator Dion Foulkes said yesterday outside Cabinet office.
Foulkes revealed to Eyewitness News Online last week Tuesday that government’s negotiation team and Oban executives were locked in lengthy negotiations for the better half of last week.
He also revealed that dialogue would culminate with a comprehensive report that would be presented to Cabinet for review.
Foulkes also indicated, at that time, that there were three items of concern that needed to be addressed in those discussions – the environment, legal issues and economic concerns raised.
One week later, he affirmed that the anticipated report is on the way.
“I am awaiting a full report form the negotiation team. Significant progress has been made on the environmental issues and the legal issues with respect to the heads of agreement. But, we are waiting on a full response in regards to the economic issues,” he said.
“They have not indicated when that response will come and I do not want to give a time frame until I can ascertain what the timetable is.”
The Oban deal garnered headlines in 2017 after government signed a controversial deal with the oil refinery company which is expected to develop a multi-billion-dollar oil refinery and storage facility in East Grand Bahama.
The facility is set to be built on the southern tip of Grand Channel.
Government expects the deal to make a significant economic impact on the island’s economy while providing hundreds of employment opportunities on the island which is currently suffering under an economic cloud of doom.