TankTerminals.com - BORCO and POSCO E&C Sign Contract to advance Greenfield Expansion Program

BORCO and POSCO E&C Sign Contract to advance Greenfield Expansion Program

July 5, 2010 [The Bahamas Weekly] - BORCO International Ltd and POSCO Engineering & Construction Co. Ltd, in cooperation with Hyundai Corporation (both of South Korea) today announced that they have entered an agreement to move forward with BORCO’s greenfield expansion program of their terminal in Freeport, Grand Bahama. The expansion program provides for the construction of an additional 30 tanks for clean petroleum products and infrastructure improvements to provide world-class service to BORCO’s customers.

With the completion of this project, the BORCO Terminal will grow from a terminal of 21.4 million barrels to a terminal of 27.4 million barrels capacity, advancing the terminal’s position as a key international hub for crude oil and petroleum products in the oil industry, as well as a best-in-class storage and trading platform for the region.

The signing of the agreement took place at The Radisson at Our Lucaya. This agreement is subject to final board approval. Present at the signing were: Mr. Pieter Bakker, Chairman of the Board for BORCO; Mr. Raymond L. Jones, Managing Director of BORCO; Mr. Gary DiElsi, Director, First Reserve Corporation/Member of the Board of BORCO; Mr. Ho-Sup Kim, Senior Executive Vice President/Member of the Board of POSCO Engineering; and Mr. Byung-Ha Ham, Senior Vice President, Energy Engineering & Construction Division of POSCO E&C.

BORCO provides storage of petroleum products for a number of international clients with a present capacity of 21.4 million barrels. BORCO also offers blending, transshipment and bunkering services. The terminal is located in Freeport, Grand Bahama, just 80 miles off the coast of Florida, and is the largest storage terminal in the Caribbean. BORCO is a joint venture of First Reserve Corporation and Royal Vopak.

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Added to TankTerminals.com on: Monday, July 05, 2010 by The Bahamas Weekly.

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