The Mineral Industry Of The Islands Of The Caribbean - Bahamas

The Bahamas Oil Refining Co. (BORCO) refinery in Freeport continued to operate at less than half its full 500,000-barrel-per-day capacity. Although owned through subsidiaries by the Carey Energy Corp (65%) and Standard Oil Co. of California (35%), BORCO is ineligible for participation in the Crude Oil Entitlements Program granted to companies operating within the United States proper or its territories. Like some other Caribbean refineries, BORCO has suffered a loss of normal market outlet due to the wt advantage afforded U.S. refineries by the Entitlements Program. Saudi Arabia, Nigeria, and Libya are the major suppliers of crude for the refinery. Its principal products, motor spirits, aviation fuel, distillate fuels, and residual fuel oils, were marketed in the United States and Puerto Rim. The Government-owned Bahamas Development Corp. and Burmah Oil Co. Ltd., held discussions pertaining to a renegotiation of Burmah Oil's management contract for the Grand Bahama Oil Transshipment terminal. The desired contract modifications were not made public but financial problems have plagued the terminal and its operation since construction started in 1972.