Grand Bahama Group makes progress on hydrocarbon recovery plant

Grand Bahama Group (GBG) announced Tuesday it was one step further to constructing its hydrocarbon recovery plant in Freeport, Grand Bahama Island.

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.

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.

RD

Recommended

The ten highest dividend yields in the FTSE 100
Income investing

The ten highest dividend yields in the FTSE 100

Rupert Hargreaves takes a look at the companies with the highest dividend yields in the UK’s blue-chip index
6 Feb 2023
The outlook for Shell shares is mixed, despite bumper profits
Energy stocks

The outlook for Shell shares is mixed, despite bumper profits

With profits surging, it looks as if Shell is on a roll, but the company’s growth from here is hard to see as Rupert Hargreaves explains.
6 Feb 2023
The top funds to invest in
Funds

The top funds to invest in

As market volatility and recessionary fears continue, here are the most popular funds, stocks and trusts investors are putting their money into accord…
2 Feb 2023
The top ten dividend stocks in the FTSE 250
Share tips

The top ten dividend stocks in the FTSE 250

The average FTSE 250 dividend yield is around 4%, but many stocks yield much more. Rupert Hargreaves picks the best FTSE 250 stocks for income investo…
17 Jan 2023

Most Popular

Best savings accounts – February 2023
Savings

Best savings accounts – February 2023

Interest rates on cash savings are making a comeback. We look at the best savings accounts on the market now
6 Feb 2023
The best one-year fixed savings accounts - February 2023
Savings

The best one-year fixed savings accounts - February 2023

Earn almost 5% on one-year fixed savings accounts.
6 Feb 2023
Share tips of the week – 3 February 2023
Investments

Share tips of the week – 3 February 2023

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages
3 Feb 2023