ABRVI Sues Arclight For 'Stealing' HOVENSA Deal
- Ernice Gilbert
- November 18, 2015
ST. CROIX -- Atlantic Basin Refining of the Virgin Islands (ABRVI), the company rebuked by the 30th Legislature for presenting an operating agreement senators said would not have been beneficial to the territory and its residents, has filed suit against its former partner, ArcLight Capital Partners, LLC, for allegedly "stealing" the HOVENSA sale from under its nose, court documents reveal. According the lawsuit, seen in full here, ArcLight had no prior involvement with the HOVENSA refinery (now in the process of being auctioned off), including the terminal and storage facility. It says the company was introduced to the deal through ABRVI, because of an agreement that would see ArcLight becoming a financial partner and 50 percent stakeholder in the storage facility. ArcLight was chosen, then, the lawsuit says, because ABRVI needed a financial backer that would place it in a stronger position to purchase the facility, located on the south shore of this island, and when facing the 30th Le...
