The Mineral Industry Of The Islands Of The Caribbean - Bahamas

The Bahama's petroleum-dominated minerals sector constricted again in 1985. The declines were mostly the result of a soft market demand for crude oil and petroleum products. In early 1984, it was a growing unprofitability that prompted Charter Oil Co. to cease using the 350,000-barrel-per-day Bahamas Oil Refining Co. facility that it jointly owns with Chevron Oil Bahamas Ltd. After midyear 1985, because of poor petroleum economics, Chevron announced it would close the refinery, leaving only a maintenance crew. In 1984, the refinery exported less than 26 million barrels of petroleum products. Chevron's throughput was reported as averaging about 8,000 barrels per day at the time of the announcement. The crude oil transshipment terminal also registered declining activity and financial losses in 1984 and 1985. Transshipments of petroleum in 1985 amounted to about 100,000 barrels per day, one-half as much as in 1982.