The Bahamas is one of the most politically stable states in the region, with an uninterrupted parliamentary democracy for 275 years, and its own government in place since 1973 when independence from the United Kingdom was granted. A member of the Commonwealth, The Bahamas retains the British monarch as the head of state, represented by the Governor-General. The judicial system is based on English common law. The nation comprises an archipelago of some 700 islands and 2,000 cays and rocks with an area of 13,878 km2 (5,358 square miles), 30 islands are inhabited. The population is over 306,000 (2000 census), of which about 70% live on New Providence Island, the location of the capital Nassau. The Bahamian dollar is tied to the US dollar at parity.
In 1955 an agreement created the industrial and port complex of Freeport to provide a focus for industrial activity. More recent developments there have included the opening of Freeport Container Port (1997) and a major new ship-care facility at the Grand Bahama Shipyard (2000).
Aerial view of Freeport Harbour. [To the left, is the Grand Bahama Shipyard. To the right, is Freeport Container Port. Upper left is the BORCO facility]
Also at Freeport, in the Northwest Providence Channel, BORCO (Bahamas Oil Refining Company International Limited) operates a 20 million barrel oil storage terminal. Opened in 1965, it originally included a refinery, but that was shut down permanently in 1985. Venezuelan state company PDVSA acquired BORCO from Chevron in 1990. The facility is one of the largest of its kind in the world, and oil trans-shipping is an important contributor to the economy after tourism.
