18 January 2012 14:39 [Source: ICIS news]
HOVENSA had explored all available options to keep the refinery operating but severe financial losses left it with no other choice, Hess said.
Only a year ago, in January 2011, HOVENSA announced plans to reconfigure the refinery and cut capacity by 30% to 350,000 bbl/day to improve its competitiveness.
HOVENSA’s losses were the result of weak demand for refined petroleum products due to the global economic slowdown and the addition of new refining capacity in emerging markets, Hess said.
“In the past three years, these factors have caused the closure of approximately 18 refineries in the
In addition, the low price of natural gas in the
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