Grand Bahama Group (GBG) announced Tuesday it was one step further to constructing its hydrocarbon recovery plant in Freeport, Grand Bahama Island.
The board said its subsidiary, Morgan Oil Marine Limited, had started to clear the 3.24 acre site ahead of a final structural survey to begin the erection of the HRP.
The company has also acquired long term vessel 'Barge Martha' for the shipment of crude, petroleum, diesel and ships slops as an interim measure, while the plant is under construction.
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Grand Bahama Shipyard is carrying out a final survey for a certificate of seaworthiness for 1 million gallon Barge Martha.
David Morgan, Chairman of GBG, said: "We are delighted with progress to date. We are carrying out structural surveys on the land in Freeport, to ensure that the ground can support the large storage tanks that we will be constructing on site.
"Martha is going to play a very important role throughout the construction period of the HRP, and beyond. In the short term, it will allow us to collect valuable oils and ships slops from the Grand Bahama Shipyard, which will generate material initial revenues ahead of commissioning the HRP. We currently forecast that the Grand Bahama Shipyard will generate approximately 50,000 tonnes (approximately 13.5 million gallons) of used oils and slops per annum."
Following the completed construction of HRP, Martha will be used to collect used oils and ship slops off ships as they pass close to Freeport in one of the busiest shipping lanes in the world.
More than 4,800 ships visited Freeport last year and the traffic is expected to continue to grow.
GMG has forecast Barge Martha will generate revenue from early next year.
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