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Limetree Bay Holdings

At VIFreepBreaking NewsBusiness NewsGovernment House NewsSt. Croix News

WILMINGTON, Del. – A federal bankruptcy judge sitting in Delaware made a ruling on the controversial sale of oil company HOVENSA on Monday, but said details of a large portion of the sale hearing could not be made public, under penalty of contempt, until the Gov. Kenneth Mapp announced them

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At VIFreepBreaking NewsBusiness NewsEnvironmental NewsSt. Croix News

CHARLOTTE AMALIE – Now that Gov. Kenneth Mapp and Limetree Bay Holdings have come to an agreement on the operating terms for the HOVENSA oil storage terminal, the question becomes: Will the Legislature sign off as well? Mapp said that the deal with Limetree is expected to bring a likely

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At VIFreepBreaking NewsBusiness NewsSt. Croix News

CHRISTIANSTED – The business world views the sale of the former HOVENSA oil refinery on St. Croix’s South Shore as a way to integrate the East with the West in the global marketplace. The long-sought deal to bring an oil refinery strategically-located in the Caribbean (St. Croix is one of

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At VIFreepBreaking NewsBusiness NewsSt. Croix News

CHARLOTTE AMALIE – Terms of the $360 million sale of the HOVENSA oil refinery complex to Limetree Bay Holdings were made public in a press conference at Government House today. Private equity firm ArcLight Capital, together with commodities trader Freepoint, unveiled plans today to buy the HOVENSA refinery complex in

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At VIFreepBreaking NewsCommunity AffairsSt. Croix News

Former HOVENSA refinery on the South Shore OPEN IT UP The glut of crude oil in the U.S. could see the reopening of an oil refinery that’s been closed for three years, writes The Wall Street Journal’s Alison Sider. The HOVENSA refinery in the U.S. Virgin Islands was one of the

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At VIFreepBusiness NewsCommunity AffairsSt. Croix News

CHRISTIANSTED – A federal judge gave interim approval for $40 million loan to HOVENSA from its proposed new owners as bankruptcy proceedings over the future of the South Shore refinery began in U.S. District Court in Golden Rock on Thursday. Some of the money is needed by HOVENSA to pay a

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At VIFreepBusiness NewsCommunity AffairsSt. Croix News

Hess Corp’s Lorrie Hecker CHRISTIANSTED – The owner of the mothballed refinery on St. Croix filed for chapter 11 on Tuesday, as part of a plan to sell its assets for $184 million to an affiliate of Boston private-equity firm ArcLight Capital Partners LLC. The refinery, known as HOVENSA LLC,

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At VIFreepBreaking NewsBusiness NewsSt. Croix News

CHRISTIANSTED — HOVENSA LLC, a joint venture between Hess and Venezuela’s PDVSA, said on Monday that it has reached an agreement to sell its terminal assets for $184 million to Limetree Bay Holdings LLC. The buyer is an affiliate of ArcLight Capital Partners LLC, a Boston-based private equity firm focused on energy

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At VIFreepBreaking NewsBusiness NewsSt. Croix News

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

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