- Advertisement -Newspaper WordPress Theme
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.

Disclaimer: Fusion Media wish to remind you that the info contained on this web site is just not essentially real-time nor correct. All CFDs (shares, indexes, futures) and Forex costs are usually not supplied by exchanges however slightly by market makers, and so costs is probably not correct and should differ from the precise market worth, which means costs are indicative and never applicable for buying and selling functions. Therefore Fusion Media doesn`t bear any duty for any buying and selling losses you may incur because of utilizing this information.

Fusion Media or anybody concerned with Fusion Media won’t settle for any legal responsibility for loss or injury because of reliance on the knowledge together with information, quotes, charts and purchase/promote alerts contained inside this web site. Please be absolutely knowledgeable relating to the dangers and prices related to buying and selling the monetary markets, it is likely one of the riskiest funding varieties potential.


Please enter your comment!
Please enter your name here

Exclusive content

- Advertisement -Newspaper WordPress Theme

Latest article

More article

- Advertisement -Newspaper WordPress Theme