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i have heard from reliable source that hovensa will be closing for sure. does anyone have any news??
notices going out in feb.
where would our fuel come from if that does happen?? P.R.???
I doubt they'd close and walk away any time soon. Too much money, investment and capacity sitting on the table. As has been reported, they have reduced operations several times at several refineries during the tough economy, with the stated expectation that they will ramp up when/if it improves.
If push came to shove, I'd bet Hess would sell their stake to someone else, perhaps more to Chavez. Venezuelan oil has to have somewhere to put into port or their country's economy tanks.
The Pedevesa contract comes to a close soon, I know that. (a good thing) If they were going to close they would not be investing heavily in maintenance, as they currently are.
Edit: Since "Hovensa" is a conjunction of "HOVIC" (Hess Oil Virgin Islands Corp) and PEDEVESA (Petroleos de Venezuela, SA) perhaps the name and the business structure will change as Pedevesa goes away, but I'm as sure as a layman can be that the profitable units within the refinery will continue to run into the foreseeable future.
Hovensa / Hovic as previously known will never be again. Very soon the refinery will only be a fraction of its prior self in preparation of what’s probably the inevitable. None will buy it due to the issues with the government, permitting and regulatory agencies not to mention economics that have been backward for ~3 years causing insurmountable losses. As far as fuel sources I would think Houston or maybe Aruba / Venezuela (hello LEAC X 3). I’m sure gasoline will be greatly increased as well maybe double. Very sad state of affairs for them and St. Croix.