Freeport Oil Company Ltd (FOCOL), the distributor of Shell products in The Bahamas and the Turks and Caicos Islands, recently held its annual general meeting at the Harry C. Moore Building on the University of The Bahamas campus.
It was revealed at the meeting that the company had out performed last year’s numbers with a $20.1 million profit in the second quarter of 2025. The company has also secured agreements with the government to provide liquified natural gas (LNG) and a power purchase agreement (PPA) to expand energy generation in New Providence.
FOCOL President and CEO, Dexter Adderley gave reporters an update on the progress of the implementation of the agreement with the government on the sidelines of the meeting. He said, “the four 30 megawatts GE gas turbines is being installed at Clifton Pier. So we are well on the way with meeting our obligations under the PPA. All of the materials, major materials, and equipment has been ordered, many of the contracts have been entered and so the project id developing extremely well.”
According to FOCOL Chairman told attendees that the deal between the company and the government will be the largest in the nation’s history.
In addition to the historic deal the company is also focused on customer relations. Group Financial Reporting Manager, Barbara Pinder said, “in terms of improving customer service, building on our key customers relationships, using technology to improve the efficiency of our operations and investing in our employees in terms of not just building capacity in terms of numbers but building capacity in terms of their professional growth and development. So I feel all of this will position us to have a profitable year in 2025.”
