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April 28, 2014 (Proactive Investors) — Grand Bahama Group, an associate of TXO (LON:TXO), has won what it describes as a significant contract for waste oil treatment in the Bahamas.

The new contract is for the remediation of used oils from three storage “ponds” in a major oil storage and transhipment terminal on Grand Bahama.

An initial 43,000 barrels taken from the first pond is being held in a tank and will be processed first.

Remediated oil collected from the tank will be sold to a US based refinery at market value, with GBG’s subsidiary being entitled to a “material proportion” of the proceeds of sale.

This is an excerpt from Proactive Investors as it appeared on April 28, 2014. For updates or to read the current version of this post in its entirety, please click here.

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