South Riding Point owner secures $71 million US EXIM Bank loan for energy terminal’s relaunch – Eye Witness News
NASSAU BAHAMAS — The Liwathon Group, a global leader in the energy sector, has announced that it has secured approval from the US Export-Import Bank of the United States (EXIM) for a loan guarantee exceeding $71.3 million, which will support the upcoming relaunch of the South Riding Point energy terminal on Grand Bahama.
Commenting on the arrangement, Ginger Moxey, Member of Parliament and Minister for Grand Bahama, stated: “This investment represents a pivotal moment in the revitalization of the Grand Bahama economy. The loan from the Export-Import Bank of the United States to Liwathon Group promises to bring new investments, create job opportunities, and nurture entrepreneurial prospects on Grand Bahama Island.
“The $71.3 million arrangement reaffirms Liwathon Group’s commitment to sustainable growth, and the government is enthusiastic to support this major project as we collaboratively strive to forge a brighter future for our island and its residents,” said Moxey.
The relaunch of the South Riding Point Terminal holds significant importance for both the United States and the Bahamas and is set to generate numerous employment opportunities, contribute to community development in Freeport, and reinforce energy security between the Americas and international markets as a pivotal transshipment storage, blending, and export maritime energy terminal. The South Riding Point energy terminal in the Bahamas boasts a storage capacity of 1.1 million m3.
Equinor, which acquired the South Riding Pint terminal in 2009, announced earlier this year that it had decided to divest its South Riding Point oil terminal in Grand Bahama and had entered into an agreement with Liwathon, a European liquid fuels terminal operator, for the acquisition of the terminal. The South Riding Point terminal suffered extensive damage from Hurricane Dorian in September 2019. Equinor undertook an extensive cleanup effort post-storm in collaboration with environmentalists and the Bahamian authorities.
