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Eco-Oil Bahamas to start business in Freeport with $10 million investment

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#GrandBahama, June 18, 2018 – Bahamas – Minister of State for Grand Bahama in the Office of the Prime Minister, Senator Kwasi Thompson says that Eco-Oil joins the growing list of foreign and local direct investors showing confidence in Grand Bahama’s local economy, with its initial investment of $10 million during construction and operation phases.

Minister Thompson’s remarks came during the official launch and ground breaking ceremony for Eco-Oil Bahamas, on Thursday, June 14, 2018 at the site of the company’s proposed office space just off J. Levarity Highway.  In his remarks, Minister Thompson noted that Eco-Oil’s investment provides environmental, health and safety support to Grand Bahama’s expanding maritime industry.

“We must also find ways to expand the support businesses for the maritime industry and our industrial [sector] as well, and increase Bahamian involvement,” said Minister Thompson.  “So, I am pleased to hear about the plans to train Bahamians to work on their land facilities and on their vessels.

“In keeping with our commitment to bring about economic revitalization and to create employment opportunities, the Office of the Prime Minister in Grand Bahama is pleased to welcome Eco-Oil to Grand Bahama.”

Eco-Oil Bahamas is a joint venture of two companies – Queen’s Way Navigation and Eco Oil Portugal, which have joined forces to bring MARPOL Services to Freeport and to The Bahamas.  MARPOL is the main international convention, covering prevention of pollution of the marine environment coming from ships, either from operational or accidental causes.

Mr. Francisco Quintela, of Eco-Oil Portugal, said that together Eco-Oil Portugal and Queensway, from Greece, created Eco-Oil Bahamas in order to expand their activities and offer their combined services in Freeport by jointly developing a project that represents an eight to ten-million-dollar investment split between a shore facility and a ship to collect the oily waste from other ships calling at the port of Freeport.

He noted that the collection ship can, and will be involved in the transportation of the regenerated oil and other oil related products in The Bahamas.

“Eco-Oil Bahamas will benefit from the mother companies’ experience, each in their sector, so that the best practices will be identified and followed in all steps of the operations,” said Mr. Quintela.  “These will include the collection and cleaning of the dirty water, the discharging of the treated water back to the environment and throughout the industrial process, the recycling of the collected waste oil and the production of a reusable type of oil.

“From the processing of the above wastes, several thousand barrels of reusable oil will be regenerated.  This could be an additional benefit for the local economy, since the regenerated oil can be offered to the local inland industry at a reduced price, assisting in the controlling of cost of all energy consuming activities.”

The facility is designed to treat 60,000 tons of oily waste per year, which is equivalent to 500,000 barrels.

In regards to employment, Mr. Quintela said that Eco-Oil Bahamas will contract some 15 highly trained employees to manage a fully automatic facility within a high tech professional environment.  All employees will receive detailed training from Eco-Oil’s experienced staff, who will be positioned in Freeport to commission the facility.

In addition to the employees working in the facility, there will also be the opportunity for employment on the vessel, which will be involved in the operations. An additional 15 to 18 crew members will be needed.

With the possibility of a number of Bahamians being hired to work in this practically new field in Grand Bahama, Minister Thompson suggested that the executives at Eco-Oil Bahamas meet with the executives of Bahamas Technical and Vocational Institute (BTVI) in an effort to create a partnership between the two entities to ensure that more Bahamians are fully trained to take advantage of the anticipated job opportunities that will come on stream in the future through Eco-Oil Bahamas.

Minister Thompson said that the Office of the Prime Minister continues to put in the work necessary to do its part in ensuring more investors consider Freeport as a place to set up shop – both foreign and local investors.

“With the launch of our Grand Bahama Investment Unit, we are seeking to increase the ease of doing business here in Grand Bahama. So companies like Eco-Oil and others coming to our shores, will benefit from the work of this Unit,” said Minister Thompson.

“I look forward to a great partnership between Eco-Oil Bahamas and the Government of The Bahamas in this new venture,” said Minister Thompson. “I offer congratulations on this milestone and we welcome you to The Bahamas, in general, and to Grand Bahama in particular.”

 

By: Andrew Coakley (BIS)

Photo Captions:

Header: Mr. Ian Rolle, president of the Grand Bahama Port Authority (center), along with executives of Eco-Oil Bahamas participate in the official ground breaking ceremony for the site of Eco-Oil offices and facility, following a launch ceremony on Thursday, June 14, 2018.

Insert: Minister of State for Grand Bahama, in the Office of the Prime Minister, Senator Kwasi Thompson was the keynote speaker during the official launch ceremony for Eco-Oil Bahamas, on Thursday, June 14, 2018, in the Oleander Room at Freeport Harbor.  Both the ceremony and the groundbreaking were set to take place at the office site on J. Levarity Highway, but with the threat of rain in the forecast, the official launch was held at the Harbour, with the ground-breaking taking place following at the site.  Minister Thompson welcomed Eco-Oil to Freeport and is looking forward not just to the investment the company brings to the island, but the opportunity for Bahamians to be trained in a new career field.

(BIS Photo/Lisa Davis)

 

 

 

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Glass Window Bridge envisioned as a symbol of resilience and sustainability says Works and Utilities Minister

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By KATHRYN CAMPBELL

Bahamas Information Services

 

#ELEUTHERA, The Bahamas, September 27, 2022 –  A new bridge design that incorporates opportunities for Bahamian entrepreneurs was presented at a Town Hall Meeting Thursday, September 22, 2022 at St. Patrick’s Lodge Hall, Hatchet Bay.

During the livestreamed event the Minister of Works and Utilities, the Hon. Alfred Sears; the Hon. Clay Sweeting, Minister of Agriculture, Marine Resources and Family Island Affairs; island administrators, representatives of the Ministry of Works, Town Planning Board, the Bridge Authority, Local Government, Lambert Knowles and other consultants, and residents of Eleuthera discussed plans for the proposed replacement of the Glass Window Bridge (GWB) in North Eleuthera.

Minister Sears termed the meeting very “successful” consultation and attendance by local stakeholders and virtual participants.

He said Mr. Knowles has assembled a world-class team of bridge designers who have put together a design that will turn the GWB “into a symbol of resilience, sustainability and also a place of entertainment and relaxation where Bahamian businesses can come and share in the wonderful goods of Eleuthera to the international travelling public as well as the residents in Eleuthera.

“We’re speaking now with Caribbean Development Bank with respect to funding; the design is now completed, there is also interest in PPP’s. Within the next two months we should have a funding pathway and then of course we will move on the procurement. Once the funding is in place we will announce a date.”

“It is not only a look out point, we are approaching this project as an enterprise where the people who live in Eleuthera would have the same opportunities that the people in South would have as the Disney Project would have, but it would be more significant than Disney because this project would be owned by Bahamian people — entrepreneurs, performers and culinary artists.

“Eleuthera is one of the places in the Commonwealth of the Bahamas where development is taking place very rapidly. It is one of the most unique communities in our country; it is the fifth largest economy within the Commonwealth of the Bahamas. We have some of the wealthiest industrialists with homes in Eleuthera; we also have booming Bahamian business resorts throughout Eleuthera.”

The GWD represents a place where we “can build opportunities for Bahamian businesses, Bahamian entrepreneurs to showcase the imagination of the Bahamian crafts persons, also to showcase the culinary skills as well as the extraordinary culinary dishes of Bahamian cuisine,” he said.

Although “spectacular” Minister Sears said the current one-lane bridge is “dangerous” and unable to facilitate the transport of freight from the north to the south of the island because its carrying capacity is only 12 tonnes — anything over 12 tonnes cannot be transported over the bridge.

He noted other challenges and informed that the bridge is not fulfilling the potential that it has for the development of Eleuthera.

Using a Power Point presentation, Mr. Knowles introduced the design team, technical aspects of the built design and various options considered for the new bridge.

He said the proposed bridge will be unique; a picture opportunity and a venue to host an event. It will have a park, security, rest rooms, parking, a location for food trucks to sell crafts and food; and topography with different elevation.

During the question and answer segment, Minister Sears said a decision has not yet been made regarding a bridge toll on the major undertaking.

“It is a project which multilateral bodies and private sector investors have expressed an interest in participating in the funding. It is a project that once we have the community by-in the government is committed to building a world class production at this location.” Construction is expected to take place on the proposed bridge from 2023-2026 at an estimated cost of $50-$60 million.

The GWB was built in 1990 and provides the only vehicular link between North and South Eleuthera.

 

(BIS Photos/Ulric Woodside)

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PMH Dialysis Unit Gets Boost with Donation of 6 New Machines

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#TheBahamas, September 27, 2022 – The Princes Margaret Hospital (PMH) Dialysis Unit received a significant boost as it officially took possession of six (6) donated dialysis machines on Wednesday.  The donation of six (6) Fresenius 2008T Hemodialysis Machine with Bibag for Hemodialysis treatments was facilitated by Coral Pharmaceuticals Limited, representative for Renal Dynamics in the Bahamas.

Dyalisis Machines Donation Sept. 2022

The donation supports the need for dialysis machines for the Princess Margaret Hospital Dialysis Unit; especially considering the age of the existing equipment. Each device has the capacity to treat an estimated three (3) patients per day.

Making the presentation on behalf of Renal Dynamics was Mr. Nicholas Schweickert, Director of Operations. Renal Dynamics supports Dialysis Clinics / Units throughout the region and has done so for more than twenty-five (25) years. Renal Dynamics sells and supports hemodialysis machines, supplies and peritoneal dialysis products as well as facilitates training programs.

The refurbished equipment is valued at over $60,000.00 USD which includes not only delivery, shipping, and installation, but also training for nurses.

Receiving the dialysis machines on behalf of the hospital were PHA Chairman Mr. Andrew

Edwards, Deputy Managing Director. Dr. Keva Thompson, Director of PHA Foundations Mrs. Alana Major, Hospital Administrator Ms. Mary Lightbourne-Walker, and Assistant Director Supplies Management Agency Ms. Shavonne

Dyalisis Machines Donation Sept. 2022

Burrows. Sister Darnell Roker, Nurse Manager of the Dialysis Unit also attended the official handover representing the PMH Dialysis team.

Also present were Paul Bevans (Director) and Shenika Taylor (CEO) of Coral Pharmaceuticals Limited.

Chairman Edwards expressed the PHA’s and the Dialysis Unit’s gratitude to the representatives of Coral Pharmaceuticals and Renal Dynamics for the generous donation. He noted the ongoing support by Renal Dynamics demonstrates the necessity of private entities partnering with the PHA to enhance the quality of care offered.

The donated machines will replace some of the older equipment currently in use and will provide vital back-up for the remaining machines within the unit.

 

Photo Caption: L-R, Alana Major, Paul Bevens, Nicholas Schweickert, Keva Thompson, Andrew Edwards, Darnell Roker, Shavonee Burrows, Shenika Taylor

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AG Outlines Digital Assets Legislation at STEP LATAM Conference in Panama

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By BETTY VEDRINE

Bahamas Information Services 

 

#Nassau, The Bahamas, September 27, 2022 – With Financial Services playing a key role in the country’s economy, efforts continue to keep the sector progressive.  That includes incorporating new products, including trading in Digital Assets.  Attorney General and Minister of Legal Affairs, the Hon. L. Ryan Pinder made these points at the STEP LATAM conference in Panama, September 22-23, 2022.

STEP LATAM, which stands for Society of Trust and Estate Practitioners, Latin America, is a professional networking body that brings together professionals from a cross-section of businesses in the financial services sector. STEP provides education, training, representation and networking opportunities for its members, of which there are over 21,000 across 95 jurisdictions.

Minister Pinder outlined some of the country’s legislative agendae pertaining to financial services’ inclusion of digital asset regulation. After presenting a snapshot of the objectives and the legislation on the table, Minister noted the way forward for the country.

“I wish to mention three more items intrinsically linked to any successes we will enjoy in the future from our commitment to be in the vanguard of global digital assets regulation. The first is the understanding that there needs to be greater general and advanced knowledge and competence with regard to financial technology in The Bahamas, to support the talent base necessary to be industry leaders, innovators and entrepreneurs, coders, analysts, regulators, support staff, to write news and technical stories about developments in the space,” he said.  To meet this objective, he said that there would have to be collaborations and partnerships with other stakeholders.

“To further this endeavour, the Commission intends to collaborate with the University of The Bahamas on three 8-week courses focused on the digital assets sector.  Attendees will earn a certificate upon successful completion of the course, which can be used to demonstrate to the Commission that the individual possesses the requisite education and knowledge to engage in DAB registrable activities in The Bahamas. In conjunction with this, the Digital Advisory Panel is working with the Bahamas Institute of Financial Services to build a sustainable curriculum for our domestic financial services talent to be knowledgeable, qualified and excel in the digital asset fin tech space,”  said Minister Pinder.

Another collaboration, he explained would be one with the Securities Commission of the Bahamas. “ The second is the Securities Commission of The Bahamas Fintech hub, SCB FITLink, which launched in 2019.  The hub is a central point for the Commission and the public to engage on digital assets business, crowdfunding, distributed ledger technology, and initial token offerings.  In addition to engagement with the public, FITLink facilitates regulatory consultation by helping fintech innovators and incumbents navigate the Digital Assets regulatory landscape, among other things, making the regulatory process understandable and efficient.”

He also invited the members to join the Bahamas in 2023, for the FinTech festival, which will be held at Atlantis Resort, January 2023: “Thirdly and finally, we are not being shy about telling the world what an amazing and wonderful legislative framework we have for digital assets business.  On that note, I take this opportunity to invite you all to D3 Bahamas, which will undoubtedly be the annual FinTech festival in the region. The date has been tentatively set for January 2023 at the Atlantis Resort and conference centre.”

He concluded by saying that The Bahamas is committed to being a major player in the financial services sector. “In order for a jurisdiction to be a preeminent player in the digital assets industry there must be confidence of a nimble regulator, a regulatory regime that is respected worldwide and incorporates real time best practices, and a commitment of government policy to advance the growth of the industry, assuring the jurisdiction is a safe place to do business that will do what is necessary to keep the bad actors out.  I am proud to say The Bahamas is an example of the success of the model.”

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