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
23 April 2026
The addition of an oil pipeline to the Power of Siberia 2 gas project could ensure deliveries of Russian oil to China, materially shorten logistics lines between West Siberia and final customers, and—amid disruption in the Strait of Hormuz—offer a land-based export route that reduces exposure to maritime chokepoints
23 April 2026
There is a clear push to bolster exports to Asia amid uncertainty around its North American neighbour, but there are limits to the benefits from the energy crisis
23 April 2026
Shell made the play-opening discovery in Namibia’s Orange basin back in 2022, but its next well could decide whether the project can actually be commercialised
22 April 2026
The failure of OMV Petrom’s keenly watched exploration campaign at Bulgaria’s Han Asparuh block highlights the Black Sea’s uneven track record, despite major successes like Neptun Deep and Sakarya
