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PDVSA Board Approves HOVENSA Deal; Legislature’s Vote Is Up Next

sammuel sanes
Sen. Sammuel Sanes during Session

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.”

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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everything from coliform bacteria to Cryptosporidium in locally-bottled St. Croix drinking water, according to a then-unpublished University of the Virgin Islands sampling.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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