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InvestmentsSt. Croix Energy bids $20 million for shuttered Limetree Bay refinery -court...

St. Croix Energy bids $20 million for shuttered Limetree Bay refinery -court filing By Reuters


© Reuters. FILE PHOTO: Installations of the Limetree Bay petroleum refinery are seen in St Croix, U.S. Virgin Islands June 28, 2017. REUTERS/Alvin Baez

By Laura Sanicola

(Reuters) -St. Croix Energy LLLP is bidding $20 million to amass the shuttered Limetree Bay refinery within the U.S. Virgin Islands, in line with a Sunday court docket filing in a Texas chapter court docket.

The Limetree Bay refinery, which had been shut for practically a decade, reopened earlier this yr beneath the possession of two personal fairness companies after traders poured $4.1 billion into reviving the power.

The refiner needed to restart the power to supply 210,000 barrels a day of gasoline and different fuels. Its deliberate restart was delayed for greater than a yr, and it operated for only some months earlier than U.S. regulators shut it down after its stacks spewed oil on houses and contaminated consuming water.

A “stalking horse” bid is used as a beginning bid or minimally accepted supply that different bidders should surpass in the event that they need to purchase the corporate.

St. Croix has been named the stalking horse bidder for the power and is presently the one certified bidder for the plant, in line with the filing. The public sale is about for Monday.

St. Croix, which described itself as “a group of businessmen with deep roots in the Virgin Islands,” stated in an October information launch that it’s dedicated to restarting the refinery safely.

The firm consists of trade professionals with a long time of expertise within the refining, advertising and renewable gas sectors, the discharge stated.

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