Chamber chief: BORCO buyer 'my best friend'

By ALISON LOWE
Business Reporter

FREEPORT, GRAND BAHAMA- The new Bahamas Oil Refining Company (BORCO) owner's plans for an immediate $400 million expansion of the Grand Bahama facility were yesterday heralded as "obviously exciting" for the island, being likely to result in new "employment and entrepreneurial activities" for residents.
"If they are talking about doubling capacity then (the new owners) are my best friend," K. Peter Turnquest, president of the Grand Bahama Chamber of Commerce, told Tribune Business.
Buckeye Partners, which has acquired First Reserve Corporation's 80 per cent stake in BORCO, revealed on Monday that it intends to invest $400 million in an expansion of the oil storage and transshipment facility, which will facilitate current storage capacity being "more than doubled" to 45 million barrels worth.
"We see this as a near-term opportunity we'd like to hit the ground on as soon as we close," said a Buckeye Partners executive in a conference call with Wall Street analysts.
The $1.36 billion acquisition is expected to be completed in the first quarter of 2011, with the expansion set to add $70 - 80 million in per annum operating income "phase in over two to three years" for the company.
Stable
Mr Turnquest said: "This is a business that has proven relatively stable for us, so it's obviously exciting when we see international investors still being interested in building that facility and increasing capacity.
"Any expansion will obviously result in additional employment and entrepreneurial opportunities for local businesses, and we've seen a number of marine-type entities getting off the ground in the last year, so that all obviously bodes well for what we are trying to do here in Grand Bahama in terms of becoming renowned centre for transportational logistics."
Buckeye Partners said the attraction of the Freeport facility is that it has a "world class customer base" and a major surplus in customer demand, something that supported the expansion and generation of increased cash flows for the company.
BORCO's location amid the Caribbean and Atlantic shipping lanes, plus its proximity to the US, were also deemed advantages, the facility being "strategically positioned to act as a hub in faciltiating international logistics".
Meanwhile, Buckeye Partners is also eyeing the potential for the facility to act as a build bulk and break bulk hub, where cargo could be collected together or broken down into smaller parcels for further onward transportation.
The Government is set to benefit from the acquisition in the form of a multi-million stamp tax windfall that could amount to anywhere between $64 million and $100 million.

GBPA Employee Group Formed to Assist the Community

‘GBPA VOLUNTEERS’ – Newly elected team of officers pose along with GBPA-Vice President, Ginger Moxey (center). Pictured (from left to right): Sergio Armaly, Sergeant at Arms; Shenae Albury, Treasurer; Kendra Clarke, President; Moxey; Rhandrea Fox, Vice President; Sarah Cooper, Social Officer; Alexandrea Beckles, PR Officer; and Kara Cartwright, Secretary.

 By GBPA

Freeport, Bahamas – Employees of The Grand Bahama Port Authority, Limited (GBPA) have launched a new organization, ‘GBPA Volunteers’, to better the lives of the Grand Bahama community.

According to newly elected president, Kendra Clarke, the group’s formation was the brainchild of GBPA-President, Ian Rolle. “GBPA Volunteers is an organization, envisioned by our President, as a means of giving back to the community. Its sole purpose is to cultivate corporate social responsibility in the form of employee volunteer projects,” explained Clarke.

GBPA VOLUNTEERS’ – Newly elected team of officers pose along with GBPA-Vice President, Ginger Moxey (center). Pictured (from left to right): Sergio Armaly, Sergeant at Arms; Shenae Albury, Treasurer; Kendra Clarke, President; Moxey; Rhandrea Fox, Vice President; Sarah Cooper, Social Officer; Alexandrea Beckles, PR Officer; and Kara Cartwright, Secretary.

While participating in the election process, GBPA-President, Ian Rolle expressed his excitement regarding the project. “I think this is great! I shared the vision for this organization with our employees and they ran with it. The staff is excited and they’ve already beg un to share ideas on the types of community projects they want to see happen…..their turnout and support of this new organization speaks volumes that GBPA and its staff are committed to the communities of Grand Bahama”.

GBPA Volunteers is comprised of both management and employees, but is led strictly by employees. It was this unique feature which propelled over 150 staff members to participate, becoming financial members in order to vote in the election of officers.

 GBPA employees, including President – Ian Rolle (third in line), turned out in full force to cast their vote for a new team of officers elected to head the newly formed ‘GBPA Volunteers organization, whose mandate is to assist the needy in the Grand Bahama community.

“This will definitely be a wonderful experience for all of us, allowing employees the opportunity to positively impact the communities in which we live, while demonstrating our company’s mission of “…bettering the lives of the Grand Bahama community…,” Clarke added.
Some 20 GBPA employees vied for electoral positions, with official elections held at the Sir Charles Hayward Children’s Library. After an intense campaign and a full turnout by voters, official election results revealed a close race for presidency and social officer, with greater margins in other contested positions.

After hours of voting and tallying into the late evening, final results were confirmed by General Counsel, Tyrone Fitzgerald assisted by Hadassah Swain, Legal Counsel, Nicola Elliot, Legal Secretary and Gwenique Musgrove, Senior Financial Analyst.

Newly elected officers of the ‘GBPA Volunteers’ include: Kendra Clarke, President; Rhandrea Fox, Vice President; Kara Cartwright, Secretary; Shenae Albury, Treasurer; Alexandrea Beckles, PR Officer; Sergio Armaly, Sergeant at Arms; and Sarah Cooper, Social Officer.

In congratulating the newly elected board, GBPA Vice President, Ginger Moxey reminded them, “You have been mandated to lead the way with innovation and true service to our brothers and sisters by undertaking various projects to improve our communities. We know that you are all committed and will serve with excellence.”

Responding on behalf of the new team of officers, Clarke heartily thanked fellow employees for their overwhelming support of the company’s newly formed organization. “I am humbled by being chosen to serve as president of the ‘GBPA Volunteers’. To be the best, a team has to be comprised of the best and GBPA employees have done a remarkable job in their selection of officers. We would like to take this opportunity to thank Mr. Rolle for his vision and we are ready to assist the community in anyway that we can,” she added. “Let’s make it happen!”

Five West Enders employed with re-opening of West End Bakery and Café

By Barbara Walkin / THe Freeport News

WEST END, Grand Bahama -- The Monday, August 9 soft re-opening of the West End Bakery and Café – a fixture for West End – provided employment for five residents of the West End community.

Local businessman Jeff Butler, committed to reviving the economy of the community where he grew up, embarked on a program that he believes will not only revitalize, but also be an economic stimulus for West End. The reopening of the West End Bakery and Café is one of many projects Butler intends to see materialized. "A bakery has always been an important part of West End's economy," Butler told The Freeport News during an interview at the newly refurbished building Tuesday afternoon.

As a child, Butler remembers buying coconut tart for one shilling from Miss Lilly Hollingsworth's bakery in the early 60s. He noted that bakeries in West End have always been a destination for residents of Freeport, who would pick up their weekly bread and make a day out of their trip, eating at restaurants, buying conch salad and fritters from the waterside conch stands and spending money at West End's small businesses.

What was most important for Butler in the reopening of the bakery, was providing employment for five residents of West End. "Although it may sound like a small number, five people finding permanent employment at this stage in the economy is important," he added.

Another benefit to having a bakery in that community, said Butler in terms of providing specialty items and fresh bread goods for locals and to visitors at Old Bahama Bay. "When the yacht visitors arrive, hit the dock and are done clearing customs they can order 20 gallons of milk, plus 10 loaves of bread." Butler sees this as a "plus" for West End and Old Bahama Bay.
In addition to opening the bakery, Butler also cleaned up the surrounding area, including painting the bus stop along the sea wall and in the water - removing the old conch shells and glass bottles.

He noted that the West End Bakery and Café will supply wholesale to the restaurants and resorts located in West Grand Bahama. Breads and pastries from the bakery will be available at Butler's Specialty Foods and in the future at Butler's Food World. Aside from fresh baked goods, Butler said that specialty items are also available at the bakery. "We have all of Butler's hot sauces, unique goodies and the like because people, especially tourists always want unique items.

"Since the 50s tourists and natives alike would come to West End for liquor, rum, music, conch salad. The bakery ... the bread part of it has always been an integral part of the environment here, so now what we have to do is let everyone from Eight Mile Rock, Holmes Rock and Freeport know that when they drive down, they can now get their bread ... freshly baked."

"We would encourage all Grand Bahamian's to make the drive and enjoy West End's water front view and services," said Butler.

Photo: Local businessman Jeff Butler is committed to reviving the economy of the community where he grew up.