The Bahamas Oil Refining Company (BORCO) is investing between $200 million (€143 million) and $250 million into improving the Grand Bahama-based oil storage facility.
BORCO was recently acquired by Buckeye and says it will upgrade the facility, which is situated along the Northwest Providence Channel of the Grand Bahama Island, throughout 2011.
Investment will include the construction of 7.5 million barrels of flexible petroleum product storage, increasing the current storage to more than 29 million barrels.
There is also a large amount of unused land on the site which could be developed on in future expansions, such as the installation of 13 million barrel of incremental storage, the company says.
Currently there are three deepwater jetties on the site which range in size from 13-30m but the renovation will leave the site with eight berths which will be used as access points to the storage facilities.
These berths will be able to handle 20,000dwt to 500,000dwt, including both VLCCs and ULCCs.