Related Articles
Forward article link
Share PDF with colleagues

Hovensa files for bankruptcy, ending a long-running dispute

The shuttered Hovensa Refinery in the US Virgin Islands has filed for bankruptcy, closing a long-running dispute between the owners of the facility and the Virgin Islands

The shuttered Hovensa Refinery in the US Virgin Islands has filed for bankruptcy. This could mark the closing stages of a long-running and bitter dispute between the owners of the facility, Hess and Venezuelan national oil company PdV, and the Virgin Islands government. Hovensa filed for bankruptcy 15 September, saying that it lacked the resources to cover $1.864bn in debts and that it had reached a $184m deal with Limetree Bay Holdings, an affiliate of energy-focused private equity firm ArcLight Capital, to sell the facility’s storage terminals, according to court documents. Hovensa’s bankruptcy filing came days after the US Virgin Islands government filed a $1.5bn suit against Hess. That

Also in this section
Reality bites for Canada
27 March 2017
Canada's export plans are among the world's most ambitious. And slowest to get moving
The US builds for the future
27 March 2017
Rapid rebalancing of the world's seaborne gas market will be crucial to the success of US exports
Glimmers beyond the glut
27 March 2017
Global exports are heading for a hefty surplus. It will take a brave developer to sanction a sizeable new plant without lining up buyers first