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Did Exon Ink A deal for the Hovensa plant?

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stt007
(@stt007)
Advanced Member

I don't care how much money you make, no company thinks if $700M as peanuts, esp when their Incentive Compensation depends on hitting certain numbers.

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Posted : February 12, 2014 4:32 pm
janeinstx
(@janeinstx)
Trusted Member

In other words, it is not grinding an axe to say that if the plant sells for the purpose of refining, the new owners will have to spend $700 miion dollars to bring it up to snuff. { I don't know that for sure. There may be some negotiations involved that would eliminate some of that cost. If, say, only one part of the refinery is made operational?

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Posted : February 12, 2014 5:23 pm
Yearasta
(@Yearasta)
Trusted Member
janeinstx
(@janeinstx)
Trusted Member

I understand this is what is fueling the latest sale rumors. Instead of a cash payout PDVSA offered and EXXON accepted the interest in HOV...

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Posted : February 12, 2014 8:11 pm
Yearasta
(@Yearasta)
Trusted Member

Yup it is...I do know of some of the interested parties, some who have been around since day 1....but until that time we will be hearing all kinds of rumors

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Posted : February 12, 2014 8:27 pm
janeinstx
(@janeinstx)
Trusted Member

Exactly. Until I see the name change on the gate nothing is official.

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Posted : February 12, 2014 11:32 pm
Rowdy802
(@Rowdy802)
Trusted Member

I am not one bit surprised that this turned out to be another rumor that would not hold one freaking drop of water...

After 2 years being shut down, I wish STX and the VI Government the best of luck in finding a Deaf, Dumb, & Blind entity interested on that site... A company may have the deepest pocket in the world and, unless they get a good solid return in their investment, they will not venture into gambling the billions needed to restart Hovensa... This is not a wine cellar, it doesn't get better with age... Chemical plants are only "happy" under heat and pressure... When you take that away, the damage mechanisms degrade and destroy everything super quickly... then take away preventive maintenance and the mechanisms multiply...

I really wish most residents could really understand what it really entails to reopen a refinery... In the case of Hovensa, the odds are very slim that it will make it... It is more likely that, if someone buys it, they will continue using it as a storage facility...

IMHO, the residents should forget about the refinery, dismiss all rumors, and concentrate on the problems at hand... If the refinery does get a solid buyer, trust me, the government will call CNN, FOX News, Reuters, IP, and all the other usual suspects, and make a press conference... In the meantime, one of the solutions if for the VIs is to reinvent themselves... but, I guess the government is too busy with more "important things"...

If you live life based on hope and rumors, by default, you will face deception and disappointments...

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Posted : February 13, 2014 1:40 pm
IslandHops
(@IslandHops)
Trusted Member

+1

In this case, better to be a pessimist and be pleasantly surprised, than an optimist constantly disappointed.

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Posted : February 13, 2014 2:48 pm
MissJustice
(@MissJustice)
Trusted Member

I am not one bit surprised that this turned out to be another rumor that would not hold one freaking drop of water...

After 2 years being shut down, I wish STX and the VI Government the best of luck in finding a Deaf, Dumb, & Blind entity interested on that site... A company may have the deepest pocket in the world and, unless they get a good solid return in their investment, they will not venture into gambling the billions needed to restart Hovensa... This is not a wine cellar, it doesn't get better with age... Chemical plants are only "happy" under heat and pressure... When you take that away, the damage mechanisms degrade and destroy everything super quickly... then take away preventive maintenance and the mechanisms multiply...

I really wish most residents could really understand what it really entails to reopen a refinery... In the case of Hovensa, the odds are very slim that it will make it... It is more likely that, if someone buys it, they will continue using it as a storage facility...

IMHO, the residents should forget about the refinery, dismiss all rumors, and concentrate on the problems at hand... If the refinery does get a solid buyer, trust me, the government will call CNN, FOX News, Reuters, IP, and all the other usual suspects, and make a press conference... In the meantime, one of the solutions if for the VIs is to reinvent themselves... but, I guess the government is too busy with more "important things"...

If you live life based on hope and rumors, by default, you will face deception and disappointments...

Bravo! This inexorable truth is what Iron called a fallacy and accused me of being anti-government. I told them to wake up and smell the coffee. How many time me are we going to let the same John deJongh trick you into thinking the emperor is naked? The only thing the 4th agreement did was
1. get Hovensa off the hook for property taxes, unemployment payments, and breach fees
2. Give nincompoop Judy and Sanes a reason to prey on our desperation and denial, and abuse our hopes
3. Provide Hovensa with no requirement to sell even if a dozen buyers are standing before them
4. Remove any penalties they had for delaying or denying a sale
The only thing John told the Chamber of Commerce today is, "I have (imaginary) potential buyers."
Really? But I understand that it's hard to admit that both your bumper sticker and your vote were wrong.

This is the truth:
A. Hovensa no longer has an incentive to sell thanks to the fourth agreement.
B. hovensa's 1960's style refinery is in delapidated condition and obsolete
C. Hovensa will profit for maintaining storage tanks only, and thanks to John, Judy, and Sammy et al can do so legally now
D. Diageo was a disastrous rum deal for our coffers; who inked that?
E. The guys in the suits at the 4th agreement hearing have disappeared.
F. The former chairman of the WAPA board is largely responsible for poor energy vision and policy that has killed our economy these last 8 years. Can you guess who he is?

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Posted : February 13, 2014 11:39 pm
CruzanIron
(@cruzaniron)
Expert

This inexorable truth is what Iron called a fallacy and accused me of being anti-government.

I never accused you of being anti-government.

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Posted : February 14, 2014 10:20 am
Yearasta
(@Yearasta)
Trusted Member

You can always tell when someone is on an agenda and their comments should be taken as such. Judging by the above comments only 2 senators voted for the 4th amendment...I also wonder how many people actually read it...or are they just going by what they heard. I rather just sit back wait and watch people eat crow.

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Posted : February 14, 2014 12:23 pm
janeinstx
(@janeinstx)
Trusted Member

You can always tell when someone is on an agenda and their comments should be taken as such. Judging by the above comments only 2 senators voted for the 4th amendment...I also wonder how many people actually read it...or are they just going by what they heard. I rather just sit back wait and watch people eat crow.

Reading for comprehension is a good skill. I've read the 4th amendment, several times, to make sure I fully understood.

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Posted : February 14, 2014 12:45 pm
MissJustice
(@MissJustice)
Trusted Member

You can always tell when someone is on an agenda and their comments should be taken as such. Judging by the above comments only 2 senators voted for the 4th amendment...I also wonder how many people actually read it...or are they just going by what they heard. I rather just sit back wait and watch people eat crow.

I am writing from Stx. Two senators from our district voted for the agreement twice. They were Samuel Sanes and Judy Frisk. Nelly O'Reilly and Chuckie Hansen voted for its passage the second time when it passed. Sanes and Frisk voted for it when it first failed. The reason I only mentioned them was because they are the only ones who I can vote out. We on Stx may not vote for the stt senators, four of whom also are responsible for removing any incentive Hivensa had to confine operating or to sell its refinery so that someone else can. I was assuming that everyone had the legislation and the two roll calls in hand. I apologize for any confusion

I am miffed because I would like to see economic activity here and yes, responsible refining. But this legislation discourages it. Did john deJongh mention the name of a buyer in his chamber address? What happened to the "five anxious" buyers that were waiting for the agreement to be signed?

So, Yearsta, what is your agenda?

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Posted : February 15, 2014 1:05 am
CruzanIron
(@cruzaniron)
Expert

It's almost the end of March, Terry. Where is that official announcement?

Have the heard same thing and it will be officially announced in March

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Posted : March 30, 2014 11:49 am
terry
(@terry)
Expert

Must have been bad rumor, although I didn't say what year:@)

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Posted : March 30, 2014 2:32 pm
vicanuck
(@vicanuck)
Expert

Not a bad rumor...these things take time!

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Posted : April 1, 2014 12:01 pm
MissJustice
(@MissJustice)
Trusted Member

Yes, Terry. Enquiring minds want to know. I was lambasted here for suggesting that the Hovensa 4th agreement actually provides incentive to Hovensa NOT to sell. We actually rewarded them for breaking the third agreement and closing down by decreasing their taxes and allowing them to legally operate a stand alone storage facility. And no penalties for breaching either.

Does anyone know? Are we collectively stringing ourselves along? It has been 6 months since 5 "anxious buyers" were waiting for the agreement to be inked to step up to the plate. I think the reality is setting in... Of course someone will reply and say "mañana". Wake me up when either we actually hear something concrete from the "buyer" or when the prom queen realizes she has been stood up.

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Posted : April 1, 2014 8:34 pm
InnAtPelicanHeights
(@InnAtPelicanHeights)
Advanced Member

I have to defend Terry, as I had numerous ----from government sources, Exxon had a deal and a March / April announcement was forthcoming.

Moreover, 2 off island vendors I had met with from the states point blank told me in their meetings about purchasing Hovensa, they left the meetings believing it was not worth exploring the purchase, up front they were told a deal was close with another buyer.

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Posted : April 2, 2014 12:31 am
vicanuck
(@vicanuck)
Expert

Patience people, patience.

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Posted : April 2, 2014 11:56 am
MissJustice
(@MissJustice)
Trusted Member

Government sources? So you are admitting you were duped? By the "government"? BICanuck, are you saying that Hovensa suckered us into making a sales deal on a plant that is not sellable?

Wake me up when you have proof, prom queen.

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Posted : April 2, 2014 12:17 pm
Linda J
(@Linda_J)
Expert

I can't understand your need to be unpleasant? Unhappy childhood? Jellyfish sting? What?

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Posted : April 2, 2014 2:32 pm
MissJustice
(@MissJustice)
Trusted Member

Reality is unpleasant, not me. I only report the facts and do not allow myself to be led on. We do not have a buyer for Hovensa. Period. And yes, that "stings". On the bright side, the sun still rises and birds chirp. We can always go back to farming since we all eat two or three squares a day. Read some of these contracts Linda, and I hope that after you read them you can manage to have a wonderful day.

I will be especially cheerful when someone wakes me up with "miracle" news! Ta ta!

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Posted : April 2, 2014 2:45 pm
gonetropo
(@gonetropo)
Advanced Member

But to the point where you are willing to risk your health and the environment?

as a former long term Alaskan, I'll tell you this: Exxon has done some bad, but over all they are a pretty damn responsible company. With today's standards and monitoring ability they won't be "Loose and fast" with the environment.

I'd say the risk is very low and vastly outweighed by the benefits.

In a word, 'YES'. The issues you mention can be dealt with responsibly and the island needs jobs for it's citizens and an economy!
Simple! St. Croix is dying, businesses closing and people leaving.

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Posted : April 2, 2014 6:01 pm
Alana33
(@alana33)
Expert

Oh yeah. our Government is soooooooooo responsible. We can absolutely trust them to deal with issues concerning ground water contamination and all the myriad of other concerns that having a company operate here with pollutant emissions, spills, etc. Pls. buy a house nearby and downwind of one. EPA here is just about as usless.

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Posted : April 2, 2014 7:04 pm
vicanuck
(@vicanuck)
Expert

One way or the other, MissJustice will be feeding from the refinery trough just like the rest of us. If not, I'll take her share.

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Posted : April 2, 2014 8:42 pm
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