Business

Limetree Bay Refining Reaches Agreement In Principle On Restart Of St. Croix Refinery

ST. CROIX -- Limetree Bay Refining, LLC announced  Sunday that it has reached an agreement in principle with the supply and trading arm of a major international oil company on the restart of the idled refinery located at Limetree Bay on St. Croix, according to PR NewsWire report. Under the contemplated terms, the oil company would enter into a tolling agreement and serve as the refinery's supply and offtake counter-party, according t the report, citing Limetree Bay. Details about the agreement will be made available in the next week to ten days, Limetree Bay said. Limetree Bay Refining anticipates completion of the restart by late 2019. The Consortium, citing Mapp administration and other government sources, has reported that the unnamed partner is British Petroleum. Mr. Mapp has danced around the question on a number of occasions when asked to confirm or deny the multinational's involvement. Limetree Bay Terminals, which is an affiliate of Limetree Bay Refining, purchased th...