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Atlantic Basin Refining to buy Hovensa refinery -Virgin Islands governor
http://www.reuters.com/article/2014/10/28/oil-hovensa-buyer-idUSL1N0SN11L20141028
Oct 28 (Reuters) - Venezuela's PDVSA and Hess Corp have reached a tentative agreement to sell their 350,000-barrel-per-day Hovensa refinery to Atlantic Basin Refining, the U.S. Virgin Islands' governor said in a statement on Tuesday.
The facility on the south shore of Saint Croix has been idle since 2012. The owners announced negotiations with a potential buyer in September, after they hired Lazard Ltd in November 2013 to manage the sale.
A "detailed operating agreement" with the U.S. Virgin Island requires Atlantic Basin Refining, which was formed specifically to acquire the shuttered facility, to rebuild and restart it, employ local personnel and pay the government more than $1.6 billion over the life of the deal.
The operational agreement would be for 22 years, renewable for two additional 10-year terms.
