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Owners of idle St. Croix oil refinery plan 2019 restart

July 06/2018

MOSCOW (MRC) - The owners of a long-closed oil refinery on St. Croix will disclose an agreement with the Caribbean islands governor to restart the plant and begin producing fuels late next year, according to people familiar with the talks, as per Reuters.

The refinery would process up to 150,000 barrels per day (Mbpd) and supply low-sulfur fuels required by an International Maritime Organization mandate that begins in 2020, according to a U.S. Environmental Protection Agency review of the project.

The Caribbean is facing declining fuel supplies from Venezuela, which has sharply cut its shipments to the region.

Kenneth Mapp, the governor of the U.S. Virgin Islands, has scheduled a press conference for Monday morning to detail the deal with ArcLight Capital Partners and Limetree Bay Terminals LLC, which own the refinery, spokeswoman Lisa Posey said on Sunday. Any restart requires approval by the governor and legislature of the U.S. Virgin Islands.

BP Plc separately is in talks with the refinerys owners to supply crude to the plant, said two of the people familiar with the matter. The deal under discussion would be similar to a supply and marketing arrangement BP struck with NARL Refining for the 115 Mbpd Come By Chance refinery in Newfoundland, one of the people said. That deal soured over two years ago.

BP spokesman Mike Abendhoff declined to comment. In the 1970s, the former Hovensa refinery on St. Croix was one of the worlds largest, able to process 650 Mbpd. It halted processing in 2012, filed for bankruptcy three years later and was sold to ArcLight and trading firm Freepoint Commodities. The two companies run Limetree Bay Terminals, a 32 million barrel oil storage and marine terminal on the site.


mrcplast.com
Author:Anna Larionova
Tags:petroleum products, gas processing.
Category:General News
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