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Grand Bahama
BORCO and POSCO E&C Sign Contract to advance Greenfield Expansion Program
By Patrice Stubbs
Jul 2, 2010 - 11:57:51 AM

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Freeport, Grand Bahama  - BORCO International Ltd and POSCO Engineering & Construction Co. Ltd, in cooperation with Hyundai Corporation (both of South Korea) today announced that they have entered an agreement to move forward with BORCO’s Greenfield expansion program of their terminal in Freeport, Grand Bahama. The Greenfield expansion program provides for the construction of an additional 30 tanks for clean petroleum products and infrastructure improvements to provide world-class service to BORCO’s customers.

With the completion of this project, the BORCO Terminal will grow from a terminal of 21.4 million barrels to a terminal of 27.4 million barrels capacity, advancing the terminal’s position as a key international hub for crude oil and petroleum products in the oil industry, as well as a best-in-class storage and trading platform for the region.

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The signing of the agreement took place at The Radisson at Our Lucaya.  This agreement is subject to final board approval. Present at the signing were:  Mr. Pieter Bakker, Chairman of the Board for BORCO; Mr. Raymond L. Jones, Managing Director of BORCO; Mr. Gary DiElsi, Director, First Reserve Corporation/Member of the Board of BORCO; Mr. Ho-Sup Kim, Senior Executive Vice President/Member of the Board of POSCO Engineering; and Mr. Byung-Ha Ham, Senior Vice President, Energy Engineering & Construction Division of POSCO E&C.

About POSCO E&C
POSCO E&C is a general construction company, established in 1994.  The company is a large global engineering  and construction company, based on expert engineering technologies, industry knowledge and man power drawing on the support of the  integrated steelworks of POSCO, the fourth largest steel manufacturer in the world.

About BORCO International Ltd
BORCO provides storage of petroleum products for a number of international clients with a present capacity of 21.4 million barrels.  BORCO also offers blending, transshipment and bunkering services. The terminal is located in Freeport, Grand Bahama, just 80 miles off the coast of Florida, and is the largest storage terminal in the Caribbean. BORCO is a joint venture of First Reserve Corporation and Royal Vopak.

About First Reserve Corporation

First Reserve is the world’s leading private equity firm in the energy industry, making both private equity and infrastructure investments throughout the energy value chain.  For more than 25 years, it has invested solely in the global energy industry, and has developed an unparalleled franchise, utilizing its broad base of specialized energy industry knowledge as a competitive advantage. The firm is currently investing its most recent fund, which closed in 2009 at approximately US $9 billion. First Reserve invests strategically across a wide range of energy industry sectors, developing a portfolio that is diversified across the energy value chain, backing talented management teams and building value by building companies.  Further information is available at www.firstreserve.com.


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