Purchase Agreement Between ArcLight, HOVENSA And Hess Oil Revealed

ST. CROIX — On Tuesday, The Consortium released the complete 60-page operating agreement signed between the Government of the Virgin Islands and ArcLight Capital Partners, LLC, revealing the provisions under which ArcLight will operate the storage terminal and other portions of the facility, and the benefits both parities receive.

The agreement shows, among other things, the tax passes that ArcLight will benefit from, as well as $220 million in cash that the government receives upon sale, and 9-10 percent of terminal revenue, minimum being $7 million annually, among other gains.

Today, we’re making available the sale agreement between Limetree Bay Holdings, a subsidiary of ArcLight, and HOVENSA and Hess Oil. It’s immediately below.

[embeddoc url=”https://viconsortium.com/wp-content/uploads/2015/12/HOVENSA-Asset-Purchase-Agreement.pdf”]

Tags: hovensa

Ernice Gilbert
I wear many hats, I suppose, but the one which fits me best would be journalism, second to that would be radio personality, thirdly singer/songwriter and down the line. I've been the Editor-In-Chief at my videogames website, Gamesthirst, for over 5 years, writing over 7,000 articles and more than 2 million words. I'm also very passionate about where I live, the United States Virgin Islands, and I'm intent on making it a better place by being resourceful and keeping our leaders honest. VI Consortium was birthed out of said desire, hopefully my efforts bear fruit. Reach me at [email protected].