off to the bahamas

Great pick up by kathy on SS.

Cheers,
xmagx

20th December
Gov’t Exploring Plan For $2 Bil Oil Plant

Minister of Trade and Industry Leslie Miller says he plans to travel to Venezuela next month to explore the possibilities of setting up a multi-billion dollar oil refinery in Grand Bahama.

Minister Miller told The Bahama Journal that if he’s successful, this could mean significant benefits for Bahamians.

"It looks as if there’s a possibility of putting a new refinery in Grand Bahama that could produce up to 200,000 barrels per day to the tune of some $2 billion investment and we’re going to pursue that very vigorously during 2006," he said.

Minister Miller said the Grand Bahama Port Authority is pushing the plan which would involve "a major" U.S. firm along with PDVA, Venezuela’s state-owned oil company.

He said he plans to meet with Venezuela’s oil minister, Raphael Ramirez, to discuss the possibilities.

PDVA owns The Bahamas Oil Refinery Company (BORCO), which blends and stores petroleum products and has become a transshipment centre for petroleum destined for the US.

The government is hoping that the ultra modern refinery be established at the BORCO site, which according to the minister, would result in the creation of more than 800 well paying full time jobs.

Minister Miller said every precaution would be in place to ensure the protection of the environment.

The government, meanwhile, is hopeful about the success of two companies digging for oil in The Bahamas.

Recently, the government approved a license for Hardman Resources Limited, an Australian oil exploration company with worldwide operations, to operate in The Bahamas.

"They’re just beginning their seismic testing in January," Minister Miller said. "They would be starting in the first quarter of 2006."

He also said that the Oklahoma-based Kerr McGee will be meeting with Trade and Industry officials in the first week in January and will begin well drilling in March.

"So far, the people of The Bahamas have secured in excess of $3 million for the licensing and the license that we’ve signed with Kerr McGee as well as the Australian company indicates that if and when hydro-carbons are found in The Bahamas, that is oil as well as gas, the people of The Bahamas stand to benefit as much as 25 percent of the revenue to be derived from those entities and also to get a share of the [oil] that may be discovered in Bahamian waters," Minister Miller said.

Kerr McGee has reportedly completed its seismic testing and plans to create a joint venture with Talisman, a Canadian-based company involved in worldwide oil exploration.

Combined, these companies have assets in excess of $30 billion, according to Minister Miller.

http://www.jonesbahamas.com/?c=45&a=6591