Today is an important step in the approval process for Oban Energies. In December of 2016, the Government of the Bahamas approved Oban Energies to proceed with construction of an oil refinery and oil storage facility in Grand Bahama.

My Government is pleased to have moved this project forward and has successfully completed negotiating the Heads of Agreement which paves the way for the commencement of this important project.

While the process is not yet completed this is a very important step in the process.

Oban Energies has advised that the 1st phase will consist of 4 million barrels of crude storage, a harbor, and deep sea loading dock, to service large vessels and the construction of a 50,000 barrel per day refinery.

In addition, Oban will build up to 20,000,000 million barrel liquid bulk storage facility and a 250,000 barrel per day refinery.

Oban has committed to employing hundreds during the construction phase and will create a significant number of well-paying permanent jobs for Bahamians once construction is completed.

Grand Bahama has also seen significant indirect jobs as a result of the existing Storage facilities and we expect the same for Oban.

This is a very significant development for Grand Bahama.

Today’s signing also paves the way for the important Environmental Impact Assessment process.

This process will ensure that the project proceeds in an environmentally safe and sustainable manner.

The Government of the Bahamas looks forward working with Oban Energies and other investors as we seek to revitalize the island of Grand Bahama.

Heads of Agreement Signing between the Government of the Bahamas and Oban Energies, for a $4 Billion Dollar Oil Refinery Project. At the Office of the Prime Minister, Nassau Bahamas. Photos: Yontalay S Bowe / OPM Media