FILE PHOTO: The installations of the Limetree Bay petroleum refinery are seen in St Croix
FILE PHOTO: Installations of the Limetree Bay petroleum refinery are seen in St Croix, U.S. Virgin Islands June 28, 2017. REUTERS/Alvin Baez

December 22, 2021

By Laura Sanicola

(Reuters) -A U.S. bankruptcy judge on Tuesday approved the $62 million sale of Limetree Bay refinery to a Jamaican oil storage company that intends to restart the refinery.

Private equity investors had poured $4.1 billion into reviving the aging U.S. Virgin Islands facility, which was shut down by U.S. environmental regulators earlier this year.

West Indies Petroleum was named the winning bidder on Saturday by Limetree after a second auction was conducted over the weekend.

The winning bidder of the first auction, St. Croix Energy, was named the backup bidder for the refinery.

At the refiner’s request, Judge David Jones reopened the auction as the chief executive officer of West Indies Petroleum had a medical emergency prior to the first auction. St. Croix Energy objected to the second auction being held.

(Reporting by Laura Sanicola in New YorkEditing by Matthew Lewis)

You Might Like
Learn more about RevenueStripe...