SOURCE: Industrial Info Resources

Industrial Info Resources

January 19, 2012 06:35 ET

Virgin Islands' Hovensa Refinery to Cease Operations, Become Oil-Storage Terminal, an Industrial Info News Alert

SUGAR LAND, TX--(Marketwire - Jan 19, 2012) - Researched by Industrial Info Resources (Sugar Land, Texas) -- The Hovensa Refinery, located on the island of St. Croix in the U.S. Virgin Islands, will close by mid-February, according to an announcement made yesterday by Hovensa LLC, the operator of the refinery. Hovensa LLC is a joint venture of Hess Corporation (NYSE:HES) (New York, New York) and Petróleos de Venezuela SA (PDVSA) (Caracas, Venezuela).

The refinery has a nameplate crude processing capacity of more than 500,000 barrels per day (BBL/d), but recently has been processing about 350,000 BBL/d because of the decreased demand for refined products that began during the economic downturn.

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