PDVSA Board Approves HOVENSA Deal; Legislature’s Vote Is Up Next
CHARLOTTE AMALIE – The board of directors of Petróleos de Venezuela, S.A. (PDVSA) has approved the purchase and sales agreement between Limetree Bay Terminals, LLC and HOVENSA, according to a Government House statement.
PDVSA has also agree to waive its tax claims against the Virgin Islands government, the Government House statement said.
“This is another major milestone in this transaction and a step toward the path to economic recovery for the People of the Virgin Islands, and particularly St. Croix,” Gov. Kenneth Mapp said.
The Legislature allowed the principals of Limetree Bay Terminals, LLC to explain the 64-page operating agreement between ArcLight Capital Partners and the government in full session on Wednesday.
But many senators, including Sens. Terrence “Positive” Nelson and Kenneth Gittens, argued that the voice of the St. Croix people should be heard on the agreement. The Legislature voted on Thursday to hold a public hearing on the HOVENSA sale in Frederiksted Monday.
“I must state that the prompt action by the legislature remains imperative to ensure that this transaction proceeds to completion by December 31st, 2015,” Mapp said. “I want to thank the Members of the 31st Legislature for their work on behalf of the people of the Virgin Islands as we continue to chart a course for economic recovery.”