June 21, 2012 [OPIS] - A new East Coast company says it is developing what it believes will be the first "condominium" style petroleum terminal, where each owner/user will have their own tankage, but the infrastructure of the facility will be owned jointly on a pro rata basis.
Longtime U.S. terminal executive Gil Frank is the chief executive officer of MidAtlantic Petroleum LLC, and he said that his company is in the final stages of negotiating a long-term lease for 30 acres of land adjacent to the harbor at Freeport, The Bahamas. The company hopes to construct approximately 3 million barrels of tankage for residual fuel, blended bunker fuels and clean products. Frank said that the company has an option for an additional 20 acres on which another 2 million to 2.5 million bbl of storage could be built.
The initial terminal will have access to one berth with a draft of 16 meters, but a second berth will be available. Frank said that preliminary approvals for the facility have been received and the company is in the process of acquiring a bunker license. The company targets fourth quarter 2013 or early 2014 as the period where tanks will first receive product.
