By OSWALD T. BROWN
WASHINGTON, D.C., May 30, 2022 – When I lived in Freeport, Grand Bahama, I developed strong friendship with the late Edward St. George, whose visionary policies established a solid foundation for Freeport’s economic growth and development during his years as Chairman of the GBPA.
One potentially lucrative business initiative he enthusiastically championed was a proposed liquefied natural gas (LNG) project that unquestionably would have resulted a sustained period of unbridled economic growth in Freeport, and my extension all of Grand Bahama.
Unfortunately, did not become a reality because of entrenched opposition from environmentalists, particularly the environmental group Dearth, headed by Sam Duncombe.
In 2001, the then Free National Movement (FNM) government – headed by Prime Minister Hubert Ingraham — approved, in principle, the construction and operation of an LNG re-gasification facility in Grand Bahama.
Ingraham and the FNM lost the May 2, 2002 general election, but the new Progressive Liberal Party (PLP) government, led by Prime Minister Perry Christie, also approved the proposed LNG project for Grand Bahama. It was envisaged that the natural gas would be pumped via a pipeline from a location in Freeport harbour to Florida, which at the time was facing a serious energy crisis.
However, ReEarth strongly opposed the proposal, claiming that it would be environmentally harmful to The Bahamas, even though Tractebel North America, the Texas-based company seeking approval to build the pipeline, produced reams of evidence that the project would be environmentally safe.
Meanwhile, a second company, Virginia-based AES Corporation, also proposed to construct a $650 million LNG re-gasification terminal at Ocean Cay, a man-made island off Bimini, for the origination of an LNG pipeline to Dania Beach, Florida, but that proposal also faced strong opposition from ReEarth.
It apparently did not make difference that the then Minister responsible for the environment, Senator Dr. Marcus Bethel, reportedly had endorsed the LNG project based on the advice of consultants who had reported that the LNG terminal for Ocean Cay did not pose any threat for the people or the environment of The Bahamas.
Eventually, however, both Tractebel and AES abandoned their plans, citing among their reasons “questions surrounding the infrastructure for LNG facility development within The Bahamas” and “environmental constraints and requirements.”
Of course, after the proposed Tractebel and AES projects in The Bahamas were scuttled by Bahamian environmentalists, both companies focused their attention on other parts of the world. For example, according to its website at the time, “AES entered Panama 16 years ago and since then has made a total investment of more than $1.3 billion in the country.”
The fact that ReEarth and Sam Duncombe were able to derail these LNG projects speaks volumes for the tremendous power environmental advocates exercise in The Bahamas primarily because they have frightened Bahamians into believing that proposed major developments they do not support are harmful to the pristine environment of the islands that comprise The Bahamas archipelago.
Ironically, LNG in later years was heavily promoted as a solution to high electricity costs in The Bahamas. Just take one minute and consider what the current cost of electricity in The Bahamas would be today if the LNG projects proposed for Grand Bahama and Ocean Cay almost two decades ago had become a reality. Granted, the targeted markets for those projects were consumers in South Florida, but it does not take a rocket scientist to figure out that the residual benefits from an LNG project based in Grand Bahama or Ocean Cay would have been extended throughout The Bahamas.
Edward St. George’s spirit must be “rattling his bones” in the mausoleum overlooking Taino Beach in his beloved Freeport where his body was interred after his death IN 2004.
Indeed, prior to his death in December of 2004, Mr. St. George made no secret of the fact that he was highly disappointed that the LNG project failed to become a reality in Grand Bahama.
However, in the aftermath of his death, Mr. St. George’s far-sighted and sound business policies are currently the modus operandi by the current management team at the GBPA, under the leadership of his daughter, Sarah St. George, Acting Chairman of the GBPA.
Miss St. George, of course, is well studied in the areas of Business, Finance and Law and brings with her a wealth of knowledge and experience, as well as a passion for the future development and growth of the City of Freeport and Grand Bahama.
As Business Executive, she has capitalized on opportunities throughout her professional career, to work with some of the most prestigious financial firms in the United States.
Miss St. George attended the College of Law in London and in 1976 was called to the London Bar Association as a Barrister in the United Kingdom, and member of the Inner Temple, Inns of Court. Thereafter, Miss went on to work as a trainee analyst and OTC stock trader with Allen & Co. of New York from 1977 – 1978.
Expanding her professional expertise to the fields of International Markets and Financial Services; following her tenure with Allen & Co. Miss St. George moved on to work as a Commodities and Futures Trader at Drexel, Burnham & Lambert on Wall Street in New York, from 1978 – 1980. While there, she passed the New York State exam achieving status as a New York State Certified Trader.
In 1980, she joined JP Morgan New York. Miss St. George began her tenure with the financial conglomerate as a member of its lending team responsible for large multinational corporations such as General Foods and General Motors. Following a transfer to JP Morgan’s International Financial Management Division, she was promoted to Vice President in 1984.
