US-based Buckeye Partners has nearly completed the design work on the Bahamas Oil Refining Co (BORCO) expansion, the largest petroleum products storage facility in the Caribbean, with a capacity of 3.3million m3.
The terminal operator purchased an 80% interest in BORCO from First Reserve in January 2011 and the remaining 20% interest from Vopak in February 2011 for a total transaction value of $1.7 billion (€1.24 billion).
The expansion project was initiated in the second quarter of 2011. The main pipes, fittings, valves and pumps were ordered in July this year and the tank steel went vertical in early August. A significant amount of the steel has now reached the Bahamas and is being shop painted.
So far six tanks are in various stages of construction, with between two and five rings erected. Buckeye chose to install aluminium floating roofs (AIFRs) on the clean product tanks because they were reasonable priced and could be installed in a suitable installation time, according to Nate Werner, BORCO expansion manager, for Buckeye.
In total there are planned to be 14 new tanks, providing customers with an additional 3.5 million barrels of capacity for clean petroleum product, fuel oil, and/or crude oil storage. The first million barrels are expected to come online in Q2 2012.
Buckeye is also working on two jetty projects at the facility. The Inland Dock Project was completed and successfully received its first ship in November 2011. This can handle vessels from small barges to Panamax size tankers.
The new offshore sea jetty is nearing completion and will be ready for a December 2011 commissioning date. This will then be able to accommodate VLCC tankers on two berths.