February 16, 2012 [The Freeport News] - Bahamas Oil Refining Company International (BORCO) President Raymond Jones resigned his post Tuesday to explore private endeavors, but will be retained as a consultant, The Freeport News has learned.
Jones joined the company, then Vopak Terminal Bahamas, in late 2009 following the resignation of Managing Director Thijs Jan Huizer, who reportedly left to pursue new career opportunities.
Jones had worked for Hutchison Whampoa for 13 years, where he held a number of senior positions.
In a BORCO release issued late Tuesday, Jones was credited as being an integral part of the company, having “assembled, integrated and built a dynamic and capable Bahamian management team.”
He was recruited to BORCO by First Reserve Corporation, the previous majority owner of BORCO and acclaimed as being instrumental in the transition of the ownership of the BORCO facility to Buckeye Partners, L.P., after its acquisition of BORCO in early 2011.
Jones told The Freeport News yesterday that on completion of his task at BORCO, he and the company had come to a mutual agreement on his departure.
He said he is also aware of reports that he has been fired from the company.
“I had finished the transition with Buckeye after a year of the acquisition and I just felt it was time to move on to be a private investor and look at other opportunities,” he said.
However, Jones will stay on as a consultant for BORCO for the next year.
While he has declined to disclose what those new private investment ventures may entail, Jones said he is seizing the opportunity.
“We just got to the point, after they had done their transition I agreed, I stayed on and just decided that at this point and time it is a good opportune time for me to move on and just explore the opportunities,” he said.
With the appointment of a new international president who will be based in Houston, Texas, Jones has no doubt the present team will be kept on to manage the company’s affairs.
“I think the people here are very capable; I’m proud to say that, and I think there is probably no need for them at this particular point to replace the team, given the way they operate,” he said.
“Mr. Jones credits the successes of BORCO to that team, which will serve as his legacy,” the company release continued.
“Mr. Jones has overseen the integration of the facility into the Buckeye family, including Buckeye’s most recent strategic organizational realignment, which included Buckeye’s international operations being organized into a separate business unit.
