The Mineral Industry Of The Islands Of The Caribbean

There were no significant changes in the mineral industries of the smaller Caribbean Islands during 1980. Imported petroleum requirements continued to erode economic gains that may have occurred in other sectors. Some relief may be forthcoming as more qualified Caribbean countries take advantage of Trinidad and Tobago's petroleum product financing program (see Trinidad and Tobago). There were no crude oil discoveries in these areas during 1980, although some geophysical testing around the British Virgin Islands and Antigua war underway. In March 1980, the Government of Antigua sold a 75% interest in the 16,000-barrel- per-day West Indies Oil Co. refinery to the Swiss Intermaritime Bank and Intermaritime Management Services for $6 million. The new refinery company is called the National Petroleum Co. Shutdown since 1976, it was originally planned for the refinery to reopen in 1980, but refurbishing has proved to be more extensive than anticipated. The reopening is now expected in 1981.