The Bahamas approve construction of US$5.5 billion Oil Refinery and storage facility

The construction of an oil refinery and oil storage facility will be built in Grand Bahama at an estimated cost of US$4 billion. The project will be undertaken by Oban Energies Management.

The first phase of the project will consist of a deep-water dock. In addition Oban will build a 4 million barrel storage facility which will be scaled up to 20 million barrels by year four and a 50,000 barrel per day oil refinery which will be scaled up to 250,000 barrels per day by year four.

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