Phase III is to build an up to 250,000 barrel per day oil refinery. The facility would be a merchant refinery designed to process less expensive heavy crude with the flexibility to process opportunity crude, as dictated by market economics. The refinery will be designed to fully upgrade heavy sour crude oil and produce quality products in order to address premium markets for oil products.
Technologically Advanced, Clean and Pure
The deepwater port provides the capability to utilize lower cost VLCC crude deliveries. This produces a cost advantage over US Gulf Coast and US East Coast refineries which require lightering. The Bahamas are an excellent location for higher netback product sales to the US, since the Bahamas is exempt from US product import duties as a member country under the Caribbean Basin Trade Partnership Act. The location also provides the ability to compete in opportunity markets in Europe and the Caribbean Basin. Mustang Engineering preliminarily estimates the project to cost up to $9.0 billion.
