Private equity firm ArcLight Capital Partners and trading firm Freepoint Commodities are breathing new life into the defunct Hovensa refinery on Limetree Bay in the US Virgin Islands, with a $1.4bn refurbishment plan. The plant, renamed Limetree Bay, is expected to produce 200,000 bpd and could be revamped within 18 months to supply low-sulphur bunker fuels for the shipping industry, in time for the International Maritime Organisation's 2020 deadline. Two insiders have said BP is in talks to supply Limetree Bay with crude, while analysts have questioned whether the facility can be up and running in time and on budget.
Private equity firm ArcLight Capital Partners and trading firm Freepoint Commodities are breathing new life into the defunct Hovensa refinery on St. Croix in the US Virgin Islands, with a $1.4bn refurbishment plan. The plant, renamed Limetree Bay, is expected to produce 200,000 bpd and could be revamped within 18 months to supply low-sulphur bunker fuels for the shipping industry, in time for the International Maritime Organisation's 2020 deadline. Two insiders have said BP is in talks to supply Limetree Bay with crude, while analysts have questioned whether the facility can be up and running in time and on budget.