News

Hess Sells Oil Terminal in St Lucia

By: Caribbean Journal Staff - October 22, 2013

By the Caribbean Journal staff

The sale of Hess’ oil storage terminal in St Lucia has been confirmed, the government said Tuesday.

Hess CEO John Hess reportedly communicated the news by telephone to St Lucia Prime Minister Dr Kenny Anthony. News of the sale first surfaced earlier this month.

Hess first announced plans to sell the terminal at the beginning of this year.

The terminal on the Cul de Sac river is part of a wider sale by Hess of 19 terminals on the East Coast of the United States to Buckeye Partners for a total of $850 million.

The St Lucia terminal has “about 10 million barrels of refined petroleum products storage capacity,” along with deep water access, according to a company release.

During the call, Anthony thanked Hess for its “contribution to the development of St Lucia,” and that “the people will never forget the kindness of his father, Mr Leon Hess, and his enormous contribution to education in St Lucia.”

“Mr Leon Hess was not just an investor. He was a friend of the people of Saint Lucia, an extraordinary and rare humanitarian,” Anthony said in a statement. “He will live in the hearts and minds of the people of Saint Lucia for a long time to come.”
Officials from Buckeye Partners are expected to pay a courtesy call on Anthony “within the next few weeks,” the government said.

Buckeye said it expected the acquisition to close before the end of 2013.

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