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Wed 21 Mar 2012 15:22

St. Lucia 'should not impact Hovensa'


Hess says the decision to look into the sale of its St. Lucia terminal should not affect its stake in Hovensa.

A spokeswoman for Hess Corp is reported to have said that the company's decision to explore the possibility of selling its crude oil and refined products storage and transshipment terminal in St Lucia 'should not impact Hovensa' - a joint venture facility it owns with Venezuelan state oil company Petroleos de Venezuela SA (PDVSA).

News reports indicated on Monday that Hess had hired Goldman Sachs Group Inc. to look into the potential sale of its St. Lucia facility.

The oil storage terminal in St. Lucia has the capacity to store 9 million barrels of petroleum products.

The Hovensa refinery on the island of St. Croix was closed in January after it racked up losses of US$1.3 billion over a three-year period amid weak demand for refined petroleum products.

Following the shutdown, the Hovensa complex will operate as an oil storage terminal.

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