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Charlotte Amalie
Sunday, August 14, 2022
HomeNewsArchivesGovernment, Hovensa Reach Agreement in Principle

Government, Hovensa Reach Agreement in Principle

The Government of the Virgin Islands and Hovensa have come to an agreement in principle that will establish the process for selling the refinery on St. Croix and the company’s operations, Government House announced in a news release Saturday.

The government has been locked in negotiations with Hovensa since the company announced in January 2012 that it would close the refinery and convert operations to an oil storage facility. They faced a March 31 deadline for an interim agreement.

According to the Government House statement, Gov. John deJongh Jr. called Senate President Shawn Michael Malone Saturday to update him on the development. DeJongh also informed the Legislature that Hovensa had requested a very brief extension of time to finalize the written document setting forth the agreement.

Details of the agreement were not reported Saturday. When signed by all parties, the agreement will be presented to the Legislature for its consideration and approval.

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The Government of the Virgin Islands and Hovensa have come to an agreement in principle that will establish the process for selling the refinery on St. Croix and the company's operations, Government House announced in a news release Saturday.

The government has been locked in negotiations with Hovensa since the company announced in January 2012 that it would close the refinery and convert operations to an oil storage facility. They faced a March 31 deadline for an interim agreement.

According to the Government House statement, Gov. John deJongh Jr. called Senate President Shawn Michael Malone Saturday to update him on the development. DeJongh also informed the Legislature that Hovensa had requested a very brief extension of time to finalize the written document setting forth the agreement.

Details of the agreement were not reported Saturday. When signed by all parties, the agreement will be presented to the Legislature for its consideration and approval.