News

Owners of St Croix’s HOVENSA Seek Extension on Sales Agreement

By: Caribbean Journal Staff - September 3, 2014

Above: the HOVENSA refinery in St Croix

By the Caribbean Journal staff

The owners of the HOVENSA oil facility in St Croix have asked for an extension of the agreement governing the sales process for the property, the US Virgin Islands government confirmed.

HOVENSA, which was the Caribbean’s largest oil refinery before it shuttered in 2012, is owned by Hess Corporation and the state-owned Petroleos de Venezuela.

The request for the latest extension was received last week, according to Government House. It was the second extension requested by HOVENSA.

The request included a meeting with US Virgin Islands Governor John de Jongh later this week, and he has agreed to attend, his office said in a relesae.

De Jongh has also agreed to a “brief extension” of the existing agreement and “will make a further announcement with respect to the sales process at the end of the week,” his office said.

The closure of the HOVENSA refinery, St Croix’s largest employer, in 2012, was devastating for the US Virgin Islands’ economy.

Last year, HOVENSA and the territory agreed on a 14-month sales process to govern the sale of what was the Caribbean’s largest oil refinery.

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