The government of the Bahamas has approved Oban Energies plans to build an oil refinery and storage facility in Grand Bahama.
The $4 billion project will provide storage for crude oils, residual fuel oils, middle and light distillates, specialty vegetable oil and heavy oils.
It will have an initial capacity of four million barrels and will comprise a harbour, and deep sea-loading docks to service large vessels as well as the construction of a 50,000 barrel per day refinery.
Prime Minister Dr. the Hon. Hubert Minnis says: 'We are on the road to revitalising both Grand Bahama and the entire Bahamas.
'Oban will build [an] up to 20 million barrel liquid bulk storage facility and a 250,000 barrel per day refinery. The oil refinery has an estimated project cost of up to $4 billion and the terminal has an estimated cost of $1.5 billion.
'This is a very significant development for Grand Bahama.'