The Bahamas Oil Refining Company has contracted with CB&I, a U.S. firm, for the construction of 14 new oil storage tanks, as part of a $40 million expansion. “CB&I’s scope of work includes the engineering, fabrication and construction of 14 oil storage tanks, with a total capacity of approximately 3.5 million barrels, in Freeport, Grand Bahama,” BORCO said in a statement yesterday. “CB&I’s contract is scheduled for completion in the second quarter of 2012.” BORCO was sold for $1.36 billion to new parent company Buckeye Partners in December. [The Nassau Guardian]