Virgin Islands: HOVENSA to Close Refinery
|
|
|
|
Friday, 27 January 2012 |
HOVENSA has confirmed that it will shut down its refinery at St Croix in the US Virgin Islands. The facility will be changed to operate as an oil storage terminal.
The Hovensa refinery, which lost a combined $1.3bn in the past three years, was projected to remain unprofitable as local demand for fuel remained week and emerging markets added new refining capacity. "We deeply regret the closure of the HOVENSA refinery and the impact on our dedicated people," said HOVENSA President and Chief Operating Officer Brian K. Lever. "We explored all available options to avoid this outcome, but severe financial losses left us with no other choice. We will provide significantly enhanced benefits for those union and salaried employees who are impacted and will work closely with the government of the U.S. Virgin Islands to ease the transition for the rest of the community."
PetrolWorld 27012012
|
