A $1.36 billion sale of the Bahamas Oil Refining Company (BORCO) oil storage terminal was announced yesterday — with U.S.-based Buckeye Partners to acquire an 80 percent interest in the Grand Bahama facility.
The agreement between First Reserve Corp. and the publicly traded Buckeye is expected to close in January 2011. First Reserve and Vopak, the world's largest tank terminal operator, acquired the Freeport, Grand Bahama oil storage terminal in 2008. The equity of the company was split 80:20 between affiliates of First Reserve Fund XI, L.P., a global private equity fund operated by First Reserve Corp., and Vopak at the time.
State Minister for Finance Zhivargo?Laing said the move shoul ...

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