Related Articles
Forward article link
Share PDF with colleagues

Hovensa enters deal after filing for bankruptcy

The oil storage facility in the US Virgin Islands, a sought after site in the oil storage trade, could be back up and running soon after agreeing deal with Limetree Bay Holdings

The plant's owners Hess and Venezuela's PdV have agreed to sell Hovensa to Limetree Bay Holdings, backed by private equity firm ArcLight capital, for $190m, according to bankruptcy court documents. Limetree, in turn, has agreed to lease 10m of the plant's 13m barrels of operational oil storage capacity to China's Sinopec, and a further 2m barrels of storage to commodity trader Freepoint for 10 years. The deal, which still needs to be approved by the US Virgin Islands legislature, brings an end in sight to a long-running and bitter dispute between Hess and the local government over the future of the facility. As part of the agreement, Hess, PdV and the government have agreed to drop all out

Also in this section
Energy Web Atlas Partners with Stanford University’s Natural Gas Initiative to Leverage LNG Real-Time Global Project Information
12 April 2018
Gulf Publishing Company, a leading provider of data and technical information for the global energy industry, announced today that Energy Web Atlas (EWA) has entered into a partnership with Stanford University’s Natural Gas Initiative (NGI). EWA is a platform that allows users to examine real-time natural gas project information.
KPC—outside the political bubble
3 April 2018
Kuwait Petroleum Corporation is expanding its global footprint as it targets increased domestic oil and gas capacity
Adnoc opens up
28 March 2018
The company now faces a group-wide transformation