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BORCO announces restructuring

The Bahamas Oil Refining Company International Ltd (BORCO) announced at the end of last week that there has been some re-organization to its structure, reports The Freeport News. The operator of the oil storage and refining facility remains committed to expansion plans and foresees continued growth, according to a press release. 

Source:
Date:
Updated:
The Freeport News
Monday, December 5, 2011
Monday, December 5, 2011

Dec. 4/11 (By Yasmin Popescu) – In a press statement late Friday afternoon, management of the Bahamas Oil Refining Company International Limited (BORCO) announced some re-organization to its structure.

Management said that this was done to meet the needs of the changing market the company has found itself in.

This process evaluated each level of the organization and affected various positions and employees, the statement read, adding that the affected employees received retirement and severance packages in accordance with the Labor Laws of the Bahamas and company policy.


“We continue to create opportunities for highly skilled, talented, competent, hard working Bahamians,”?the statement continued. “We remain committed to positive growth and development of the company and our employees. We are investing more than ever in our employee’s development through our newly established technical training programs, team development training, customer service training, leadership training, etc.

“In line with our previous forecasts, our construction and maintenance contractors are currently employing approximately 340 Bahamians on various projects at our facilities, in addition to some 174 Bahamians employed in terminal operations.”

However, the statement says that BORCO also anticipates hiring additional staff during 2012 for certain technical and operational positions.

This is an excerpt from The Freeport News as it appeared on December 5, 2011. For updates or to read the current version of this post in its entirety, please click here.

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