BAHAMAS: DPM Turnquest: ‘Noise in the market has drowned out the good news and potential of Oban project’

#Bahamas, April 9, 2018 – Grand Bahama – Deputy Prime Minister, Minister of Finance, and Member of Parliament for East Grand Bahama, the Hon. K. Peter Turnquest said it is important for everyone to understand that the Government of The Bahamas will not approve any project that is not environmentally sound and sustainable, and that Government always strives for symbiotic balance between environmental/community development and economic growth.

“Recent discussions of Oban have brought this into sharp focus,” said Minister Turnquest, during his keynote address at the University of The Bahamas’ ‘Sustainable Grand Bahama’ conference, at Grand Lucayan on Thursday morning.

Tackling the issues surrounding the Oban Energies project, planned for East Grand Bahama, Minister Turnquest said there is an appreciation for the value of the environment from a touristic and fisheries point of view, and therefore he stressed the fact that the government has no intentions of entering into any investment proposal that would cause the livelihood and quality of life for residents and future generations to be compromised.

“As is outlined in the Heads of Agreement, the environmental protection and mitigation protocols are at the forefront of any discussion, any decision, that the Government of The Bahamas will make in regards to this project.

“From an economic point of view, we absolutely see value from the industrial sector and we believe that it is a sustainable model,” Minister Turnquest added.  “We appreciate the environmental risk that industrial enterprises bring to a community, but we also appreciate that modern technology has substantially reduced those risks.”   There are other mitigation factors, he pointed out, that any responsible government puts in place to ensure the quality of the environment and the welfare of its people are maintained.

Minister Turnquest admonished Bahamians not to be “fooled by the noise” and to listen to every conversation coming out of public discussion about the Oban project.

“I’ve heard people say that the Government of The Bahamas can’t cancel this Agreement, that we’ve signed this Heads of Agreement without any environmental study and as a result we’re locked into this project… nonsense,” added Minister Turnquest.

“The fact of the matter is we’re a sovereign government and we have the ability to stop any project at any time.  The fact that we signed a Heads of Agreement does not mean that we are obligated to issue a license to operate.  The Heads of Agreement is exactly that… an agreement.

“It says you agree to do X, and if you do X, we agree to do Y.  Any of the conditions in that Heads of Agreement that are not completed to our satisfaction renders the Agreement null and void.”

The Deputy Prime Minister pointed out that at the end of the day a project does not become concrete and licensed to operate until the Government of The Bahamas has satisfied itself that all of the prerequisites are in play, that they are sound; and they are satisfied that the project would bring benefit to the community.

“All of the noise in the market has drowned out the good news of the potential for this development,” added Minister Turnquest. “I only ask again for us to be open-minded and patient and let the process work.

“While we understand the risks that are involved, inasmuch as we can from a non-scientific point of view, we also understand the development potential of our industrial sector and what that can mean to the lives of ordinary Bahamians, who would not otherwise have an opportunity.”

By: Andrew Coakley (BIS)

Photo caption: Deputy Prime Minister and Minister of Finance, the Hon. K. Peter Turnquest was the keynote speaker at the opening of the University of The Bahamas’ ‘Sustainable Grand Bahama’ conference, which opened at Grand Lucayan on Thursday morning, April 5, 2018.  In his remarks, Minister Turnquest addressed some of the issues surrounding the Oban Energies project.

(BIS Photo/Lisa Davis)