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Freepoint Commodities LLC has announced the launch of a bunker fuel delivery service in St. Croix, Virgin Islands, effective immediately.

Stamford-headquartered Freepoint says it will initially be providing marine fuel ex-pipe at Limetree Bay Terminals, located in St. Croix.

At the start of this year, Limetree Bay Terminals, LLC - a business jointly owned by Freepoint Commodities (20 percent) and an affiliate of ArcLight Capital Partners, LLC (80 percent) - completed the purchase from Hovensa, LLC of the idled storage terminals, refining units, and marine infrastructure located at Limetree Bay, St. Croix.

The assets, which were acquired as part of Hovensa's bankruptcy case, consisted of approximately 32 million barrels of crude oil and petroleum product storage, idled refinery units with total peak processing capacity of 650,000 barrels per day, a deepwater port with nine ship docks, six tug boats, and various associated equipment and inventory.

Limetree Bay Terminals also executed a 10-year lease agreement for 10 million barrels of storage capacity with China Petroleum & Chemical Corporation (Sinopec) as well as lease agreements with Freepoint Commodities covering an additional 3 million barrels of capacity.

In June, Kenneth Mapp, Governor of the U.S. Virgin Islands, said that Sinopec intended to increase the current oil storage capacity at the former Hovensa site from its current 13 million barrels to "north of 50 million barrels" in 2 to 3 years.

On the issue of refining in St. Croix, Mapp said: "It is the company's intention that some level of refining will be necessary at the St. Croix refinery. I do not want to be construed as announcing today that the company has made a decision to turn on the refinery," he said, "but for all intents and purposes, from all our discussions, and all of their plans having to do with blending of crude, and the storage of crude, there is a great possibility that the south shore refinery will, in fact, be restarted."

Freepoint is a merchant of physical commodities, including oil and energy products, metals, coal and agricultural products. It is also a financer of upper- and mid-stream commodity-producing assets and provides physical supply services.

Freepoint is owned by private equity funds managed by Stone Point Capital, members of Freepoint's management and senior employees.

Enquiries to Freepoint Commodities should be directed to:

Hugh Murtha
Office +1 203 542 6284
Mobile: +1 203 561 5600

Will Crabtree
Office: +1 203 542 6184
Mobile: +1 914 960 2804

Email: DL-StCroixBunkers@freepoint.com