February 22, 2012 [Reuters] - Hovensa LLC completed shutdown of its 350,000 barrel-per-day St. Croix, U.S. Virgin Islands refinery on Tuesday, the company said in a statement.
The complex will be operated as an oil storage terminal.
“Hovensa’s operation of the complex as an oil storage terminal is subject to the completion of negotiations with the Government of the Virgin Islands,” the company said.
Losses at the Hovensa refinery, owned by Hess and Venezuelan state oil company Petroleos de Venezuela, totaled $1.3 billion in the past three years and were projected to continue.
The company had announced the refinery shutdown on Jan 18.
