- The mothballed refinery on St. Croix will remain closed after the Virgin Islands legislature yesterday rejected a proposed agreement to sell and reopen the Hovensa refinery.
- A local company reached an agreement earlier this fall to buy Hovensa, a joint venture between Hess (NYSE:HES) and Venezuela's PdVSA, but closing the deal hinged on winning government approval.
- Legislators worried about the agreement's provisions releasing Hovensa from all liability upon the sale, and that the purchaser would be able to raise the $1B-plus needed to restart the refinery.