The Tribune

By NATARIO McKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net CHINESE Embassy officials yesterday refuted claims that companies from their nation were partnering with the Bahamas Petroleum Company (BPC) in its bid to drill for oil in the Bahamas. The statement by Chinese officials comes a day after the Bahamas-based oil exploration company issued a brief statement regarding its undertakings in the Bahamas, as debate over oil exploration in the Bahamas continues to heat up. Wang Quanhuo, chief of the economic and commercial office of the Chinese embassy in the Bahamas, addressing claims concerning Chinese companies' involvement in drilling for oil, said he had been asked to confirm whether 12 Chinese firms were partnering with BPC. Mr Quanhou said: "According to my information, up till today no Chinese company has applied for drilling for oil in the Bahamas to the competent authorities of the Bahamas' government. No Chinese company has discussed the matter with local oil companies, and no Chinese company has come to register its activities in the aforementioned area wirth the Chinese Embassy." The allegation was raised by Democratic National Alliance candidiate (DNA) Ben Albury. And BPC, in a recent statement, said it was "undertaking all actions necessary to comply with the terms of the licenses which the company has been granted by the Government of the Bahamas." It added: "All such activities are being, and will continue to be conducted, in a manner consistent with industry best practices and respecting all obligations placed upon the company by the Government. "The shares of Bahamas Petroleum are publicly traded, and as such the company has an obligation under its listing rules to continually disclose any event that would have a material effect on the value of those shares. The contracting of a rig to drill would constitute such a material event." BPC executives would not comment further on that matter yesterday, nor the company's push for listing on BISX. BPC's chief operating officer, Dr Paul Gucwa, recently told Tribune Business that the company had spent some $50 million on its oil exploration efforts here in the Bahamas thus far, and that it had submitted its environmental impact assessment (EIA) back in November. Dr Gucwa said the company expects to spend close to $1 million on its environmental studies.