Although  it is being called  a $4 billion dollar deal  to boost the economy of east Grand Bahama, there are still many fears  concerning  the recent Heads of Agreement that the government signed with Oban Energies on Monday. These  concerns are specifically  about funding.

Press Secretary Anthony Newbold, quelled the fears that some may have regarding the government doing its due diligence with the energy company, especially considering they have yet to complete an environmental impact assessment.

“All proposals that  are a  part of the process of  their due diligence  are  done and Mr.Peter Krieger of course also spoke to the financing.

“But all due diligence is always done before it gets to this stage. To have gotten it to the stage where you got to [Monday] where the government actually felt comfortable enough to sign, you talk about due diligence, then yes due diligence must have been done to the point where all those technical people that they talked about felt yes, we are comfortable with what we are seeing,” Mr. Newbold said.

Despite many Grand Bahamians having concerns, and the concerns of the  company that stem from them not meeting the requirements of the former administration, Mr. Newbold said that for both sides to get to the stage of signing the HOA, the government was confident in their undertaking.

“Obviously, I don’t know that very many bankers or venture fund capitalists  will just be giving out money,  because someone says I got this wonderful project in The Bahamas, give me $50 million.

“There are lots of things that have to happen including, I would imagine, something that would comfort a financier, that the government that you says is going to give you approval to do this, might just do that,” Mr.Newbold said..

Mr. Newbold reaffirmed that the government will stand by the promise to create an economically empowered Grand Bahama with 600 jobs being provided.

“I think that both the prime minister and quite possibly Mr. Krieger spoke to this specifically.

“The fact that you are not only talking about storage,  you are also talking about refining and whatever goes into both of that. So, yes, it is a number that the government will stick by.

Mr. Newbold said that the government is comfortable and confident in the players involved.

On Monday a Florida based company, Oban Energies signed a Heads of Agreement with the government for a new oil refinery and storage plant in Grand Bahama.