Hovensa completes shutdown of US Virgin Islands refinery

23 February 2012 16:43  [Source: ICIS news]

HOUSTON (ICIS)--Hovensa shut down all refinery crude and fuel units at its St Croix refinery in the US Virgin Islands, a company spokesman said on Thursday.

Hovensa is a joint venture made up of US-based Hess and Venezuela-based Petroleos de Venezuela (PDVSA).

The 350,000 bbl/day refinery completed the shutdown process on Tuesday following the announcement of the shut down on 18 January. The complex would be turned into an oil storage terminal.

Hovensa spokesman David Roznowski said sour water strippers and waste water units continue to run. In addition, about 100 employees will remain working at the oil storage terminal as the complex makes its transition from refining to storage, he said.

“I’m extremely proud of the professionalism demonstrated by our refinery team in the safe and successful shutdown of refinery operations,” said Hovensa’s president Brian Lever.

Total losses at the St Croix refinery were $1.3bn (€1.0bn) in the past three years, and the company had projected continued losses. The losses were the result of weak demand for refined petroleum products due to global economic slowdown and the addition of new refining capacity in emerging markets, Roznowski said.

($1 = €0.76)

By: Sheena Martin
+1 713 525 2653

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