MidAtlantic Petroleum LLC is in the final stages of negotiating a long-term lease for 30 acres of land adjacent to the harbor in Freeport, The Bahamas, on which it will build 3 million bbl of tankage for residual fuels, blended bunker fuels, and other products.
The company calls the project the first bulk petroleum terminal to be built and operated as a condominium, where each owner-user has their own tankage, but the infrastructure is owned jointly, on a pro rata basis.
MidAtlantic has an option for 20 additional acres on which an additional 2-2.5-million bbl could be built in Phase II of the project. The terminal will initially have access to one 16-m draft berth, but a second berth will be made available as required.
The company has received preliminary approvals for the storage terminal is seeking a bunkering license. MidAtlantic expects the terminal to enter service late fourth-quarter 2013, or early first-quarter 2014.
MidAtlantic will provide construction and operations management.