Management said that this was done to meet the needs of the changing market the company has found itself in.

This process evaluated each level of the organization and affected various positions and employees, the statement read, adding that the affected employees received retirement and severance packages in accordance with the Labor Laws of the Bahamas and company policy.

“We continue to create opportunities for highly skilled, talented, competent, hard working Bahamians,”?the statement continued. “We remain committed to positive growth and development of the company and our employees. We are investing more than ever in our employee’s development through our newly established technical training programs, team development training, customer service training, leadership training, etc.

“In line with our previous forecasts, our construction and maintenance contractors are currently employing approximately 340 Bahamians on various projects at our facilities, in addition to some 174 Bahamians employed in terminal operations.”

However, the statement says that BORCO also anticipates hiring additional staff during 2012 for certain technical and operational positions.

“Additionally, we intend to continue our focused sponsorship of the BORCO Foundation for the education and skills development of other Bahamians. Some of the first graduates of the welding program are employed with local companies that we have contracted to undertake our expansion program.

“Further, BORCO remains committed to the island’s economic development in line with previous announcements. As a continuing demonstration of the company’s commitment we are well underway with our expansion project with the first phase targeted to be completed in the second half of 2012. The first phase in the immediate-term expansion would add 3.5 million barrels of storage capacity while the second phase would add an additional 4.4 million barrels, brining the additions to 7.9 million barrels.”

The statement said that BORCO is strategically positioned to act as a hub in facilitating international logistics and trade for bulk-build, break-bulk and blending operations.

It noted that in early November they commenced operations at the newly constructed inland dock and can handle a range of vessels from small barges up to Panamax size tankers. This dock, they said, is capable of loading and offloading fuel oil and clean petroleum products and is fully connected to the terminal tank farm and to the offshore jetties.

“We believe our employees are our most important asset. We again want to take this opportunity to thank all our former teammates for their immeasurable contributions and wish them every success in their future endeavors.”