According to a presentation to investors at a conference, its parent company Buckeye Partners has a “strong interest” in setting up a crude topping unit at BORCO. Spurred by the need for low sulfur fuel oil, growth in the crude unit by supporting exports from other companies is now being eyed by the NYSE-listed company.

The presentation also identified certain “bunkering opportunities” involving blended fuel oil.

Meanwhile, the Grand Bahama facility is powering forward on its expansion project. Phase one, BORCO said, will add approximately 3.5 millions barels of storage capacity.

Up to 1.9 millions barrels of capacity is expected to be completed and in service by second half of 2012, with 1.6 million brought online by the first half of 2013.

The start of phase two should begin by the third quarter of 2012, bringing on additional 1.2 million barels of storage capacity. Two new berths and the construction of an inland dock were initiated in the last quarter of 2011.

The investors presentation emphasized that the expansion project is supported by a long-term contract from a major customer. 

Ultimately, BORCO is planning to double its storage capacity.