On Thursday, St. Croix Energy LLP announced that it has bought the bankrupt Limetree Bay refinery in the US Virgin Islands with a value of USD20 million.
The refinery’s investors poured USD4.1 billion into reviving it and St. Croix emerged as the leading buyer of the facility. The company was the stalking horse bidder for the refinery and by Sunday, was the only qualified bidder.
Previously in October, St. Croix has announced that it is committed to restarting the 210,000 bpd refinery safely. In the coming weeks, it will start rolling out its senior leadership team and engage with the local community.
St. Croix acquired the facility even when it has complained that the Environmental Protection Agency requirements will prolong the permitting process and dampen interest in a potential sale.
According to a letter from environmental regulators, there is a newly discovered groundwater contamination near the site and numerous other unspecified costs. The contamination was the factor the refinery was shut after operating only a few months following its reopening after a long-term shutdown.
