Prime Minister Hubert Minnis made the announcement in parliament where he said that a heads of agreement will be signed on Monday.

A US$1.5bn first phase envisions refinery and storage capacity of 50,000b/d and 4Mb while a US$3.5bn second phase would take capacity to 250,000b/d and 20Mb, according to the company, which points to “a current shortage of liquid bulk storage locations in the Caribbean.”

Oban adds that “the terminal will play a key strategic role as one of only two facilities close to the US Gulf and East Coasts for deep water marine terminal servicing of crude and other products.”

Project partners include Islands by Design (environment-related project consulting), Andrews Kurth (legal affairs), GBP Holdings (fuel logistics), Mosko Group (civil engineering and construction), Stifel, Nicolaus & Company (brokerage and investment banking), Drexel Hamilton (broker-dealer and infrastructure banking) and TECS (project engineering).

The Bahamas already is home to the 26Mb, eight-berth Buckeye Bahamas Hub which according to Buckeye Global Marine Terminals (BGMT) is the largest petroleum products terminal in the Western Hemisphere. BGMT also operates facilities in Puerto Rico and St Lucia.

The Caribbean nation also looks to develop its upstream hydrocarbons potential with very early stage activity being carried out by Bahamas Petroleum.

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