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The Mineral Industries of the Islands of the Caribbean in 2003

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The Mineral Industries of the Islands of the Caribbean in 2003 THE MINERAL INDUSTRIES OF THE ISLANDS OF THE CARIBBEAN ARUBA, THE BAHAMAS, BARBADOS, CUBA, DOMINICAN REPUBLIC, JAMAICA, TRINIDAD AND TOBAGO, AND OTHER ISLANDS By Omayra Bermúdez-Lugo ARUBA Petroleum Economist, 2003, Aruba, in News in brief: Petroleum Economist, v. 70, no. 6, June, p. 44. Valero Energy Corp., 2004, 2003 annual report: San Antonio, Texas, Valero In 2003, the mining sector continued to play a minor role Energy Corp., 33 p. in the economy of Aruba. This island, which is located in the Caribbean Sea approximately 29 kilometers (km) off the Internet References Cited Paraguana Peninsula of northern Venezuela, had a population of about 97,000. The main sector of the Aruban economy Rigzone.com, 2003, El Paso to sell Aruba refinery this year, accessed was tourism followed by offshore banking, oil refining, and May 15, 2003, at URL http://www.rigzone.com/news/ storage. The country’s per capita gross domestic product article_pf.asp?a_id=6627. U.S. Department of State, 2004 (August), Aruba, Background Note, accessed (GDP) in 2003 was $21,158. Exports, which were valued at November 2, 2004, at URL http://www.state.gov/r/pa/ei/bgn/22491pf.htm. $3.48 billion, included art and collectibles; animal products and live animals; electrical equipment; machinery; petroleum THE BAHAMAS products, which included petroleum reexports; and transport equipment. The major markets for these exports were United In 2003, mining continued to play a minor role in the States (40.4%), Venezuela, (19.9%), the Netherlands (10.2%), economy of The Bahamas. This group of islands, which are and the Netherlands Antilles (14.8%) (U.S. Department of State, 1 located in the Caribbean Sea to the southeast of Florida, had 2004§ ). a population of about 317,000. The Bahamian economy was El Paso Energy Corp. of the United States, which had merged service oriented and based almost entirely on tourism and with Coastal Corp. in 2001 and acquired the 315,000-barrel- financial services. Tourism alone accounted for more than per-day (bbl/d) Aruba refinery, was planning to sell the refinery 60% of the GDP and employed about one-half of the country’s in 2003. The refinery was located to the south of the island workforce. The minerals produced in the country were about 32 km northeast of Venezuela and had access to key aragonite, refined petroleum, salt, sand and gravel, and stone. feedstock and product corridors, which included major U.S. The Bahamas’ estimated GDP based on purchasing power parity Gulf Coast and Northeast markets. It processed heavy crude was about $5.4 billion in 2003. Exports, which were valued at oil and produced a high yield of intermediate feedstock. It also $617 million in 2002, included chemicals, fish and crawfish, included 2 deepwater marine docks with capacity for ultra-large fruit and vegetables, rum, and salt. The major markets for crude carriers, 6 docks for refined products, 63 storage tanks these exports were the United States (39.4%), Spain (10.8%), with a storage capacity of about 12 million barrels (Mbbl), and Germany (8.7%), France (8.6%), Peru (4.8%), Mexico (4.4%), a truck rack for local sales (Petroleum Economist, 2003; Valero and Switzerland (4.1%) (U.S. Central Intelligence Agency, Energy Corporation, 2004, p. 4; Rigzone.com, 2003§). 2004§; U.S. Department of State, 2004§). The Bahamas Oil Refining Co. [a subsidiary of Petróleos de Outlook Venezuela S.A. (PDVSA)] remained mostly idle during the year. PDVSA used only about one-half of the refinery’s crude According to the Central Bank van Aruba (2004, p. 6), oil storage tanks in 2003. The refinery had a fuel oil storage real GDP is expected to grow by 3% in 2004 despite tourism capacity of 8 Mbbl, a crude oil storage capacity of 6 Mbbl, and a possibly being adversely affected by geopolitical tensions, high refined storage capacity of 3.5 Mbbl. oil prices, and current account and budgetary imbalances. AES Corp., El Paso, and Tractebel S.A. of Belgium planned to invest in natural gas storage facilities and the construction References Cited of a natural gas pipeline in The Bahamas. The companies proposed to transfer liquefied natural gas by tanker to The Central Bank van Aruba, 2004, 2003 annual report: Oranjestad, Aruba, Central Bank van Aruba, 45 p. Bahamas from producers in Algeria, Nigeria, and Trinidad and Tobago and to reconvert and pipe the fuel to Florida to be used in powerplants. Although the Government of The Bahamas 1References that include a section mark (§) are found in the Internet granted a provisional approval for the proposals by AES and El Reference(s) Cited sections. Paso, it was still studying Tractebel’s proposal. Final approval ISLANDS OF THE CARIBBEAN—2003 11.1 by the United States Federal Energy Regulatory Commission Antilles on the boundary between the Caribbean Sea and the and the Government of The Bahamas would be contingent upon Atlantic Ocean. The country’s population was estimated to be the results of an environmental impact assessment. The AES about 271,000. The estimated GDP based on purchasing power proposal included the construction of a gas terminal on Ocean parity was about $4.1 billion in 2003. Exports, which were Cay with a pipeline capacity of about 22.7 million cubic meters valued at $206 million in 2002, included chemicals, electrical per day (reported as 800 million cubic feet per day). El Paso, components, food and beverages, rum, and sugar. The major however, proposed the construction of a terminal on Grand markets for these exports in 2003 were the United States (18.7%), Bahama Island with a pipeline capacity of about 28.3 million Trinidad and Tobago (14.5%), the United Kingdom (14%), cubic meters per day (reported as 1 billion cubic feet per day) Jamaica (7.8%), Saint Lucia (6.2%), and Saint Vincent and the (Canute, 2003; Petroleum Economist, 2003a). Grenadines (4.7%) (U.S. Central Intelligence Agency, 2004§). Through its wholly owned affiliates Kerr-McGee Bahamas Production of crude petroleum was estimated to be about Ltd. and Atlantic Exploration and Production Company, Kerr- 365,000 barrels in 2003 (table 1). Crude petroleum was McGee Corp. of the United States acquired a 100% interest in produced by Barbados National Oil Company. Because nine oil and gas licenses offshore The Bahamas in the Blake Barbados had no refining capacity, crude petroleum was Plateau Basin north of Freeport, Grand Bahama Island. The shipped to Trinidad and Tobago for refining and then returned first phase of the company’s program included the acquisition to Barbados for domestic consumption. Natural gas production and interpretation of seismic data (Kerr-McGee Corp., 2003; was estimated to be about 31 million cubic meters (U.S. Energy Petroleum Economist, 2003b). Information Administration, 2004§). Cement production increased by about 11% to 330,000 metric Outlook tons (t), and production of clinker increased by about 7% to 303,000 t. Arawak Cement Company Limited [a wholly owned According to the Central Bank of The Bahamas (2004, p. 15), subsidiary of Trinidad Cement Limited (TCL)] was Barbados’s tourism is expected to strengthen throughout 2004 owing to sole cement producer. Cementos Mexicanos S.A. de C.V. of the recent opening of new upscale resorts, the addition of Mexico held a 20% interest in TCL. Construction projects in room capacity in the hotel sector, and planned improvements 2003 included the building of new tourism infrastructure; the throughout the year on several local airports. Likewise, the ongoing renovation of the Hilton Hotel, which was due to activities in the construction sector are expected to strengthen as be completed by the third quarter of 2004; and the ongoing the result of significant new foreign investment projects in the expansion of the Grantley Adams International Airport, which hotel sector. was due for completion at the end of 2004 (Central Bank of Barbados, 2004, p. 2). References Cited Outlook Canute, James, 2003, Bahamas could revitalize Florida gas supply: Financial Times [London, United Kingdom], May 7, p. 21. According to the Central Bank of Barbados (2004, p. 6) Central Bank of The Bahamas, 2004, 2003 annual report: Nassau, The Bahamas, Central Bank of The Bahamas, 79 p. economic activity is expected to expand between 3% and 3.5% Kerr-McGee Corp., 2003, Kerr-McGee acquires deepwater interests offshore in 2004 on the basis of the strength of increased growth in The Bahamas―Licenses increase company’s deepwater acreage by more tourism, construction, and wholesale and retail activities. than 10%: Oklahoma City, Oklahoma, Kerr-McGee Corp. press release, June 26, 1 p. Petroleum Economist, 2003a, Bahamas, in News in Brief: Petroleum Reference Cited Economist, v. 70, no. 5, May, p. 44. Petroleum Economist, 2003b, Bahamas, in News in Brief: Petroleum Central Bank of Barbados, 2004, 2003 annual report: Bridgetown, St. Michael, Economist, v. 70, no. 8, August, p. 45. Barbados, Central Bank of Barbados, 39 p. Internet References Cited Internet References Cited U.S. Central Intelligence Agency, 2004, The Bahamas, World Factbook 2004, U.S. Central Intelligence Agency, 2004, Barbados, World Factbook 2004, accessed November 1, 2004, at URL http://www.cia.gov/cia/publications/ accessed November 3, 2004, at URL http://www.cia.gov/cia/publications/ factbook/geos/bf.html. factbook/geos/bb.html. U.S. Department of State, 2004 (August), The Bahamas, Background Note, U.S. Energy Information Administration, 2004 (July), Barbados, Caribbean Fact accessed November 2, 2004, at URL http://www.state.gov/r/pa/ei/bgn/ Sheet, accessed January 27, 2005, at URL http://www.eia.doe.gov/emeu/cabs/ 1857pf.htm. carib.html. BARBADOS CUBA In 2003, Barbados’ economy was primarily based on In 2003, Cuba continued to rank among the world’s top 10 manufacturing and tourism.
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