Premier McKeeva Bush announced Friday that he had signed a “ministerial memorandum of understanding” to establish an oil refinery in the Cayman Islands.
A ministerial memorandum of this kind is not a binding agreement and means the issue has not been brought before Cabinet.
Premier Bush said the companies involved in the agreement were Ventech Ltd. – which is based in Houston, Texas and Navitas Ltd., the main shareholder of whom is Mario Rankin.
Mr. Bush said turning crude oil into refined fuel would reap major benefits for the Cayman Islands and its residents. He said it would reduce electricity costs, as Caribbean Utilities Company would no longer have to import diesel from abroad to power its generators and there would be cheap fuel to be bought at Cayman’s petrol stations.
Speaking after the announcement in the Legislative Assembly, Mr. Rankin said the oil refinery would produce 6,000 barrels a day of refined oil. He said that Cayman currently uses 3,400 barrels a day.
Mr. Rankin said an environmental impact study would be carried out. If the project goes ahead, the oil refinery would be located in industrial land behind CUC in George Town, Mr. Rankin said.
For more details check www.caycompass.com later on….
A ministerial memorandum of this kind is not a binding agreement and means the issue has not been brought before Cabinet.
Premier Bush said the companies involved in the agreement were Ventech Ltd. – which is based in Houston, Texas and Navitas Ltd., the main shareholder of whom is Mario Rankin.
Mr. Bush said turning crude oil into refined fuel would reap major benefits for the Cayman Islands and its residents. He said it would reduce electricity costs, as Caribbean Utilities Company would no longer have to import diesel from abroad to power its generators and there would be cheap fuel to be bought at Cayman’s petrol stations.
Speaking after the announcement in the Legislative Assembly, Mr. Rankin said the oil refinery would produce 6,000 barrels a day of refined oil. He said that Cayman currently uses 3,400 barrels a day.
Mr. Rankin said an environmental impact study would be carried out. If the project goes ahead, the oil refinery would be located in industrial land behind CUC in George Town, Mr. Rankin said.
For more details check www.caycompass.com later on….
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WoW, Premier Bush is on a roll.
How are the tankers going to reach it there?
We need this badly. Having a refinery also opens up the possibilty of introducing locally produced biofuels into the mix.
Go Bushy.
I like turtles
An oil refinery boardering the residential area behind CUC and zoned residential?
Well When the oil refinery explodes will CUC explode too? What about the serious health hazards of operating an oil refinery in a small society such as ours? the 12 to 20 cancer deaths per month that is a very high price to pay just because we have a premier with a big ego.This is worst than the East End Imparado Project!
CHINESE Building the Port! Boy are we gone to hell now!!
Alden, this is all your fault for putting your foot in your mouth. Look here…. Big Mac is crossing the boarder while you make statements like doing away with the rollover policy.
Chinese are communists!
Why is it that everyone Big Mac does business with are either socialists or outright communists?
Chuckster, don’t move. Stay right there. We need Independent Leadership and we are depending on you and Ezzard Miller. The ship has run aground with the UDP in charge and a sleeping PPM Leader.
Does Cayman even have oil to begin with?
Are you people out of your minds?? Why would a small island noted for its great beaches, clear water and premier dive sites want to locate a polluting facilty like this?
In reply to catchandrelease comment – that is where Joseph Imparato’s East End Port comes in! This thing about Oil Refinery is what develop and INDEPENDENT countries talk about. Is the Premier hiding something from us? Has our relationship with the UK gone sour? I would like an answer to these questions. Remember the UK has declared full British rule on Turks/Cacois. What is happening on this island, is a Dictatorship. Could it be that the Premier is engaging in all of these projects to avoid the islands from being imposed DIRECT TAX? I am no fool. I am a Bodden.
Even if this were a real possibility why would the oil be cheaper. I can’t see which part of the process has made the saving. The crude is shipped in. It’s just refined in a different place by a private company in a smaller refinery. Sounds like it should be more expensive. Aren’t all things made on island more expensive than mass produced American products. I cant follow the logic.
Some 10 years ago a business wanted to set up a business fabricating plastic pill bottles in Cayman. It involved an extrusion mould and plastic pellets and an oven. Any damaged or waste would be remelted and extruded again. Government rejected the application over fear of pollution. Cayman has come a long way setting up a refinery. Could this be the camel putting it’s nose under the tent. There are obvious economies of scale by ramping up production. This obviously requires a crude oil off loading facility and the opportunities for contamination and spillage are many. Imagine another Ivan!
Regarding how it would be cheaper, the crude oil is cheaper vs finished product;
1 barrel of crude oil = 42 US gallons (159 liters or 35 imperial gallons). 1 barrel can produce about 15 gal. of gasoline, 9 gal. of fuel oil, 10 gal. of kerosene/jetfuel, 4 gal. of heavies (asphalt/tar) and 4 gal. of naptha. The exact yield depends on the type of crude oil and what the product split the refinery was designed to produce.
Looking at combined yield of 42 gallons of product which @ 95 per barrel works out to US 2.26 per US gallon or US 2.71 or CI 2.22 per imperial gallon if split evenly.
This ofcourse excludes the cost of shipping, processing, duties and retail markup but you atleast see the base cost which we get closer to if we refined locally.
We need to put a GPS tracking system on this man when he jumps on the plane. Didn’t he just come back from Jam? Did anyone see him eating too much fried fish and bammy out at Port Royal?
One hopes this really is Plan Z on Mr Bush’s list – or maybe he keeps on about it to divert our attention from some of his other wild imaginings?
However, let us wait and see the details, environmental and economic in particular, in the studies we are implicitly promised.
And I am no fool I am a Goring.
from the lineage of C.J. Henry Goring,Educator, Vestryman, Barrister at Law. I TOLD YOU SO!
Most of you are not paying attention,you are not conducting comparative studies of the preceding atrocities and financial scape goats that are let loose in the wilderness of British colonial territories and societies PRIOR TO THE UK imposing Direct Rule or forcing the territory into independence. Take out your history books and read.
The Premier is not telling you everything. His actions speak louder than his words. He is preparing for independence.
Unlike some of us that are still asleep; I’m curious I would really loved to have been there when Mr. Bush sent Attorney A.Steve McField, M.B.E. to the UK last year to discuss Independence whether Yes or No. Such a serious topic calls not only for a multitude of counselors but a multitude of witnesses!
We have no full proof of what really was discussed, and that was the intention of Mr. Premier. Afterall had anyone else accompanied Mr. McField to the UK that would be a third person responsibile for keeping this obviously top secret.
Guys, Yes There is a secret, I don’t need an explanation, these signs follow all those that believe in Independence:
Huge development
Oil Refinery
Imparado Project
Dart Development
Dr.Shetty’s Mega Hospital
Direct Taxation
Gun Men out of control
More guns in the country than there are bibles and text books.
Politicians’ Loyal to the Party and no loyalty to the People.
More focus on having fun than education.
Gross Corruption targeting the wrong people.
Influx in Immigration out of control, unregulated and unsensored.
Big Business Chamber of Commerce running the government.
Politicians not accountable to the people anymore only to the rich and famous.
High rate of UNEMPLOYMENT
Abuse of employees, local and foreign.
SPENDING OUT OF CONTROL! by elected government and former government now Opposition. Not acting with good stewardship in handling the Public purse is something that the UK acts as an opportunist and scorns,abhors, and she will act before co-signing any loans for her child that could causes her to loose her own good established credit on the world’s stage.
Most of us do not want Independence, we have no sustaining or natural resources but what choices do we really have with the UN beating the UK daily accusing her of colonial bigotry and modern day colonial slavery sentiments filtered into the UK territorial oversight? Of course the UN has a hidden agenda as well.
I conclude These signs follow them that believe in Independence.Some hard questions need to be answered good luck.
now you just need a small nuclear power plant (your Chinese friends do a safe one, apparently) and you are off and running…..
What is going on here? A plant that will refine 6,000 barrels a day for a consumer who uses 3,400 barrels? so, if it is to be financially viable you will become an exporter of finished oil products. What about the waste products… Oil sludge is one of the most difficult to manage. Where you going to store that? What plans to get rid of it? Is your emergency services infrastructure geared to the possibility of an accident? The might not happen very often but they do happen and you need to be prepared. Presumably it will be a diesel refining plant (as CUCX relies on Diesel) so won’t do anything for the petrol users, in fact, as the amount of finished products being imported will fall significantly, the cost may well go up.
One really worries about the way Cayman is going.
it’s really foolish to compare this refinery with the one found in places like the US because from what i have heard, via media and talk show, it is not only a different type of technology, it is also environmentally safe. its not like what is being used in other parts of the world and it’s not the same size as the plant some people make mention of in aruba so please stop scare-mongering the people of these islands….by suggesting this refinery will destroy the environment with no real factual information to say that it will. so let’s wait to hear all the facts and then form an opinion
000LOLreply
Neither of these companies operates any refineries. This is a pointless proposal without an experienced operator.
The day Mac gave Dart Status was the day he made sure no future small busniess owners woulds survive and signed up our children for modern slavery.
The last couple days have proved this and now show he’s trying to cash out before this term ends.
Tiger
This summation says it all.
Most people don’t look past their won noses and do not particularly like you telling them truths that they do not wish to hear.
If Cayman had a more vocal, engaged population who could think and form opinions for themselves, you would definitely be speaking to more receptive ears.
Independence for Cayman is being set up for within the next 10 years, if not sooner and…
The generel population will have absolutely no say in the matter, as usual.