3 December 2015
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 outst
Also in this section
24 December 2025
As activity in the US Gulf has stagnated at a lower level, the government is taking steps to encourage fresh exploration and bolster field development work
23 December 2025
The new government has brought stability and security to the country, with the door now open to international investment
23 December 2025
A third wave of LNG supply is coming, and with it a likely oversupply of the fuel by 2028
22 December 2025
Weakening climate resolve in the developed world and rapidly growing demand in developing countries means peak oil is still a long way away
