De Jongh & ABR VI Sign Refinery Operating Agreement, Now Awaits Senate Approval
- Ernice Gilbert
- October 30, 2014
Two days after Governor de Jongh announced the Government of the Virgin Islands and Atlantic Basin Refining (ABR VI) had reached a $1 billion agreement to operate the HOVENSA oil refinery, Wednesday de Jongh and the principals of ABR VI signed the Operating Agreement, making the deal official. It now heads to the 30th Legislature for review and approval. "Today’s signing is an important step towards finalizing the Operating Agreement that has been negotiated between the buyers of the refinery and the Government of the Virgin Islands prior to its submission for the Senate’s review and consent,” de Jongh said Wednesday afternoon. The deal sees ABR VI agreeing to rebuild and restart the refinery, and pay upwards of $1.6 billion throughout the lifetime of the agreement, which lasts for 22 years. “This agreement is a critical step towards getting the refinery back as an economic generator providing jobs and business activity on St. Croix," the Governor continued. "It has been two-and-a-half...
