Phase one of a two-phase expansion project of the Grand Bahama facility on Grand Bahama Island, the Bahamas, is due to be completed by the first half of 2013, the Bahamas Oil Refining Company (BORCO) says.
Around 1.9 million barrels of the 3.5 million additional capacity will be available at the terminal by the second half of this year, with the remaining 1.6 million barrels brought into operation within the first six months of 2013.
The second phase of the project, which will add an extra 1.2 million barrels of storage, will start in Q3 2013.
And at the end of 2011, BORCO also began constructing two new berths and an inland dock at the site.
BORCO says this expansion project is part of a goal to double its current storage capacity. The Grand Bahama facility currently features over 80 storage tanks that can handle more than 21.4 million barrels of crude oil, fuel oil and refined petroleum product.
BORCO’s parent company Buckeye Partners has invested $73.3 million (€58.9 million) so far this year on BORCO’s Bahamas-based facility, a significant increase on the $29 million spent during the same period in 2011.