NASSAU, BAHAMAS – International petroleum giant Shell revealed Tuesday that the company has its eyes set on introducing the idea of Liquefied Natural Gas (LNG) to Bahamas Power and Light (BPL) to assist the electrical company with cost-effective and cleaner power generation in the country.
Mark Regis, Shell Caribbean Country Chair, revealed Tuesday night that new dialogue with executives at BPL might possibly pave the way for the company to introduce LNG to assist BPL with bettering its power generation in The Bahamas.
“Shell is a pioneer in the LNG business; with more than 50 years of expertise in the sector. With the re-establishment of SWST, The Bahamas joins more than 70 countries around the world in which Shell operates and will play an important role in the company’s strategy for a world that needs more clean energy,” he said.
His remarks came during the official opening of Shell Western Supply and Trading (SWST) new office at Lyford Cay House located on the Western Road.
SWST manages one of the world’s largest fleets of LNG carriers and oil tankers.
The proposition of offering cleaner and cost-effective power generation comes at a time when BPL customers are grappling with an increase in electricity bills which have increased, in some instances, as much as 70 per cent.
SWST was formerly headquartered in Barbados.
The relocation efforts began in September.
The move is a return of sorts as an arm of the company was previously present in The Bahamas, but exited in 2006.
A little over one decade later, SWDT executives asserted Tuesday night that the return is one that will put the company in a better position to service its international clients.
“The decision to move our Trading offices from Barbados to The Bahamas was to enable a quicker response to customer needs and market dynamics in Latin America,” Rodrigo Teixeira de Abreu, SWST General Manager said.
SWST is a part of Shell’s Trading arm that covers all crude trading activity concerning West Africa and Latin America.
The global network of Shell Trading companies encompasses Shell’s trading activities in every major energy market around the world, company executives affirmed.
Peter Turnquest, Deputy Prime Minister and Minister of Finance attended the opening ceremony Tuesday.
He spoke exclusively with Eyewitness News shortly after his tour and affirmed that Shell’s relocation to Nassau is a major step in the right direction for the country’s economy and financial services sector
“This is another opportunity for us to diversify our Financial Services offering. They are an active energy trading company and it will offer another aspect to financial services that we have not had many of here in The Bahamas,” he said.
Thirty-five employees made the transfer from Barbados to The Bahamas.
The deputy prime minister confirmed that five Bahamian employees have been invited to join Shell’s team as well.
He opined that as the company continues to steady its position in the country, more job opportunities will be made available to qualified Bahamians.
“So, this will open up a whole new opportunity for our professionals to get engaged in another aspect of financial services. Hopefully we will be able to grow this as we develop the skills and talent amongst our Bahamians and really develop a trading hub here in The Bahamas moving forward,” Turnquest said.
“I think this is a tremendous opportunity for young Bahamians to get involved in.”
Shell Trading supports the Shell businesses, in particular oil products, gas and power and chemicals, by trading natural gas, electrical power, crude oil, refined products, biofuels, chemical feedstocks, environmental products and freight.
“We have a long track record in innovation and technology and operate with high standards for safety, environmental protection, performance, reliability and ethical conduct,” Regis said.
“Shell intends on proving itself as a trusted energy partner for The Bahamas and we look forward to earning your trust and business for the long term.”