In addition to constructing a liquefied natural gas (LNG) plant at Clifton Pier, Shell Energy North America (NA) will move its headquarters to New Providence, according to Press Secretary Anthony Newbold.
Newbold, who addressed members of the media in his weekly press briefing at the Office of the Prime Minister on Tuesday, noted that the company is multi-national and one of the largest in the world.
“I can’t think of a better indication or stamp of approval of what Prime Minister Dr. Minnis and his government are doing that show that things are moving in the right direction,” Newbold said.
Shell Energy NA was successful in its bid to construct the facility out of 19 companies considered by Bahamas Power and Light’s (BPL) board.
The plant, which will be constructed near BPL’s Clifton Pier plant, is expected to cost upward of $100 million and is expected to be completed by 2020.
The announcement of Shell’s plan to establish its headquarters in New Providence, follows the government’s agenda through the passage of the Commercial Enterprises Act, which liberalizes the granting of work permits to an enterprise that wishes to establish itself in The Bahamas.
While there was strong criticism of the bill, the government argued that it would spark investment and encourage major companies to set up its headquarters in the country.
Shell Energy NA, as part of the Shell Global Trading network, is among the largest wholesale energy marketers in North America and its subsidiaries trade and market natural gas, wholesale power and environmental and risk management products, with counterparties throughout the region, according to its website.
According to reports, Shell Energy NA has proposed to operate the new plant for 20 years, after which time, it would turn operations over to the government at a cost of $1.