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Proposed New Owner For South Shore Refinery Plans To Turn It Into A Storage Facility

lorrie hecker

Hess Oil’s Lorrie Hecker

CHRISTIANSTED – The new buyer of the Hovensa refinery intends to scrap plans to operate the complex as a refinery, instead rebooting the troubled St. Croix-based asset as a storage facility with 15 million barrels of operable capacity, sources said Monday.

Limetree Bay Holdings, a subsidiary of Boston-based private equity firm ArcLight Capital Partners, has agreed to purchase Hovensa’s terminal assets for $184 million following the conclusion of Hovensa’s voluntary Chapter 11 bankruptcy, Hess spokeswoman Lorrie Hecker said Monday.

Hess and Venezuela’s PDVSA are co-owners of the troubled refinery, which was shuttered in January 2012 following three years of losses totaling around $1.3 billion.

Facing cash flow issues and a failed buyout attempt in January, Hess and PDVSA finally shut down the refinery’s remaining terminal and rack supply business.

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The Author

John McCarthy

John McCarthy

John McCarthy is primarily known for his investigative reporting on the U.S. Virgin Islands. A series of reports beginning in the 1990's revealed that there was everything from coliform bacteria to Cryptosporidium in locally-bottled St. Croix drinking water, according to a then-unpublished University of the Virgin Islands sampling. Another report, following Hurricane Hugo in 1989, cited a Federal Emergency Management Agency (FEMA) confidential overview that said that over 40 percent of the U.S. Virgin Islands public lives below the poverty line. The Virgin Islands Free Press is the only Caribbean news source to regularly incorporate the findings of U.S. Freedom of Information Act requests. John's articles have appeared in the BVI Beacon, St. Croix Avis, San Juan Star and Virgin Islands Daily News. He is the former news director of WSVI-TV Channel 8 on St. Croix.

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