“This agreement marks a significant milestone for the refinery restart effort,” said Governor Kenneth Mapp.

Limetree Bay had hoped to complete the restart this year with two crude processing units in operation.

$3 million   – Judicial Branch Operations for Upcoming Fiscal Year The mothballed refinery on St. Croix will stay closed after the U.S. Virgin Island’s Legislature voted overwhelmingly against letting a new owner take over the plant.

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While the St. Croix economy stands to benefit the most from the restart, the governor said oil refining will fuel growth territory-wide.

Atlantic Basin Refining agreed to buy Hovensa, according to a …

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The company continues “to make strong progress on the refinery restart,” adding it now expects to put oil into processing units early next year.
$2 million   – St. John Capital Improvement Fund The mothballed refinery on St. Croix will stay closed after the U.S. Virgin Island’s Legislature voted overwhelmingly against letting a new owner take over the plant. Limetree Bay Refining anticipates completion of the restart by late 2019.

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The Limetree Bay Refining project is a bet on demand for low-sulfur fuels to meet a Jan. 1 global mandate for ocean-going vessels cut air pollution. The St. Croix, U.S. Virgin Islands, venture is run by private equity and commodity trading firms with oil major BP Plc providing crude oil and marketing the plant’s output.

An abandoned parking lot is seen outside the installations of the Hovensa petroleum refinery in St Croix, U.S. Virgin Islands, June 28, 2017. $4 million   – Paul E. Joseph Stadium Copyright © 2020 BIC Alliance, Inc. All rights reserved. The Limetree Bay Refining project is a bet on demand for low-sulfur fuels to meet a Jan. 1 global mandate for ocean-going vessels cut air pollution. Instead, it will start operations early next year with one crude processing unit and may later revive a second crude unit if profits allow, Brian Lever, Limetree Bay’s chief executive, told a St. Croix senate panel on Wednesday. The oil refining restart is expected to bring an addition of 700 permanent jobs to the already 750 employees currently working at Limetree Bay. $3 million   – St. Croix Capital Improvement Fund To back this up, Mr. Mapp in July announced a 110-room “upscale lifestyle” hotel branded as either Hilton, Hyatt or Intercontinental to be constructed on St. Thomas. $10 million – Income Tax Refunds © 2020. Hovensa refinery in 2011 (Bill Kossler photo) Gov.



Restart of idled St. Croix oil refinery set for early 2020. USVI: Oil refinery to reopen under $1.4B deal with ArcLight ... Gov. The St. Croix plant shut in 2012 facing requirements to spend some $700 million on pollution controls and a $5.4 million civil penalty to settle violations of the U.S. Clean Air Act that were levied on then-Hovensa, a venture between Hess Corp (HES.N) and Venezuela’s state-run oil firm PDVSA. Kenneth E. Mapp announced Monday an agreement with ArcLight Capital Partners, parent company of Limetree Terminal, to reopen the Hovensa refinery, shuttered since 2012, bringing back 750 permanent jobs. Once restarted, the plant will be able to process up to 210,000 barrels per day of oil, a fraction of the 1,500-acre (607-hectare) plant’s peak capacity in the 1970s of 650,000 bpd.

Atlantic Basin Refining Inc. hoped to revive the refinery, saying it could run the plant efficiently on light, sweet oil pumped in the U.S.

A $1.6 billion plan to refurbish a Caribbean oil refinery is about 75% complete and could begin delivering fuel supplies early next year, company and government officials said to Reuters. Under the new agreement, 200,000 barrels of crude oil will be produced daily, a number that pales in comparison to HOVENSA’s heyday output of 700,000 barrels per day, but one that is significant nonetheless. Saint Croix (pronounced KROY, / ˈ k r ɔɪ /) is an island in the Caribbean Sea, and a county and constituent district of the United States Virgin Islands (USVI), an unincorporated territory of the United States.. St. Croix is the largest of the islands in the territory.

The company must reach agreement on the 2011 consent decree before the refinery can restart operations.

However, the territory's capital, Charlotte Amalie, is located on Saint Thomas. $6 million   – Construction of a Bitumen Storage Tank (outlined in original Limetree Bay operating agreement)

$10 million – Investment/Partnership  for New,Upscale Hotel at Yacht Haven Grande From Wikipedia, the free encyclopedia Hovensa (known also as St. Croix Refinery) was a petroleum refinery company located on the island of St. Croix in the United States Virgin Islands. The Limetree Bay Refining project is a bet on demand for low-sulfur fuels to meet a Jan. 1 global mandate for ocean-going vessels cut air pollution. Arclight Capital Partners, a Boston-based private equity firm, acquired the refinery with Freepoint Commodities in 2015. With more than US$1.5 billion of total capital investment in the project, we can look forward to a period of significant growth in employment and the economy.

The two operate the plant’s about 34-million-barrel oil storage terminal while resurrecting part of what once was one of the world’s largest refineries.

$1 million   – Reconstruction of the St. John Battery Destroyed during Hurricane Irma.

All rights reserved. I thank the representatives of Limetree Bay Refining for their commitment to our territory and look forward to a long and mutually beneficial relationship.”. While the St. Croix economy stands to benefit the most from the restart, the governor said oil refining will fuel growth territory-wide.
BP has taken a larger role as delays arose due to the aged equipment’s near eight-year closure, said people familiar with the matter. The St. Croix, U.S. Virgin Islands, venture is run by private equity and commodity trading firms with oil major BP Plc (BP.L) providing crude oil and marketing the plant’s output. The refinery was a joint venture between Hess Corporation and Petroleos de Venezuela. Kirk Callwood, executive director of St. Croix’s public finance authority, told the senate panel that repairs will continue into December, followed by a commissioning period and then startup.

Lever declined comment on the delays or when product deliveries could begin through an Arclight spokesman.

Negotiations on an agreement with the U.S. Department of Justice and Environmental Protection Agency to settle prior violations of the Clean Air Act are nearly complete, Lever said in prepared remarks. $25 million – GERS Solvency (distributed by the Public Finance Authority) (article excerpted from VI Consortium, Nov. 16, 2018).

Kenneth Mapp said private equity firm ArcLight Capital Partners LLC will restart a refinery in St. Croix that closed in 2012.

We will head to the polls on Nov. 20 to elect Mapp or Bryan to lead the U.S. Virgin Islands for the next four years. Limetree Bay Refining, LLC, and British Petroleum, the multinational oil and gas company headquartered in London, have reached a definitive agreement to restart oil refining at the former Hovensa plant. will receive a direct flow of funding from the agreement to help it remain solvent for at least the next five years.

The refinery was closed in 2012 by its current owner, Hovensa LLC, which used it to turn heavy crude-oil from Venezuela into gasoline, diesel and other fuels. It also could benefit from the summer closing of Philadelphia Energy Solutions’ 335,000-bpd refinery that supplied the U.S. East Coast. The announcement from BP and Limetree Bay Refining comes at a critical moment for Governor Kenneth Mapp, who is currently in the battle of his political life, as he attempts to fend off the Bryan-Roach campaign, which has been on the receiving end of a number of endorsements after coming out ahead of Mr. Mapp during the General Election, but not collecting enough votes — 50 plus 1 percent — needed to clinch victory.

Reporting by Gary McWilliams; Editing by Marguerita Choy, Connecting people in business and industry with one another for the betterment of all. The St. Croix refinery in the US Virgin Islands, which went from being the world’s largest to being closed, is poised to see new life, capitalizing on the US shale boom that has boosted oil supply in the region. Arclight and its partner aim to profit from expected high demand for low-sulfur marine fuels from the IMO 2020 mandate. The deal is also expected to clear the release of $70 million for the government, which will be dedicated to the following projects: AMOUNT                                   Dedicated to: BP had no immediate comment on the change. “To date, the project has brought 1100 construction jobs to the territory.

To back this up, Mr. Mapp in July announced a 110-room “upscale lifestyle” hotel branded as either Hilton, Hyatt or Intercontinental to be constructed on St. Thomas. It’s official!

St. Croix Island Life Real Estate. The U.S. Virgin Islands is moving to reopen a big St. Croix oil refinery that closed two years ago and likely would process U.S. crude.

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