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Limetree Bay Ventures, LLC announced Friday that it has appointed Jeffrey Rinker as its chief executive officer, effective November 11. Mr. Rinker will lead the company’s combined refinery and terminal organizations. He succeeds Brian Lever, who will remain with Limetree through November 30 to ensure a smooth transition in senior leadership, the company said.
“We are thrilled to welcome Jeff to Limetree Bay as CEO,” said R. Blair Thomas, chairman of the Limetree's Board of Directors and CEO of EIG Global Energy Partners, Limetree Bay’s controlling shareholder. “Limetree Bay made significant progress in 2020 and we are confident that Jeff’s deep industry experience and strong track record of delivering commercial results and creating shareholder value make him the ideal person to lead the Company during its next chapter of commercial operation."
“I am honored by the opportunity to join Limetree Bay as CEO,” said Mr. Rinker. “Limetree Bay is an exciting project that is well-positioned to succeed given its recent operating momentum, strategic location and world-class partners and facilities. I look forward to getting started and working with Limetree Bay’s talented team to drive further growth for the Company and bring value to all our stakeholders."
“On behalf of the entire Board, I’d like to thank Brian for his hard work and tremendous contributions to the growth and development of Limetree Bay during his tenure,” Mr. Thomas continued. “Brian was brought on two years ago to lead the refinery restart project and its integration with Limetree Bay’s world-class terminal facilities and, as we approached completion of the restart project, Brian and the Board agreed that it was a natural time to transition leadership to a long-term CEO. We are thankful for Brian’s efforts and wish him the best in his retirement.”
Mr. Lever is being replaced on the heels of a report from Reuters, which cites two sources stating that BP, one of Limetree's biggest partners, could pull out of the agreement if Limetree fails to start refining by December.
"In recent weeks, Limetree experienced problems trying to restart the crude unit, according to one of the people familiar with the matter. That followed a series of delays due to corrosion uncovered during renovations," reads the Reuters story. "With the problems the refinery is having, it is less attractive for BP to remain invested, according to sources familiar with the plant. The oil major is in the midst of a global overhaul of its operations, with plans to boost renewable investments and cut fossil fuel development, which also now makes this investment less attractive."
According to Limetree, Mr. Rinker is a well-respected executive with more than 30 years of industry experience leading large, international energy businesses. He most recently served as executive vice president, downstream and midstream for Husky Energy, responsible for leadership of Husky's downstream business, including refining, upgrading, marketing, trading and delivering improved safety, reliability and profitability. Prior to joining Husky Energy in 2017, Mr. Rinker held various roles of increasing responsibilities at OMV Group and BP plc. Mr. Rinker earned a B.S. in chemical engineering with honors from Carnegie Mellon University.
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