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OldTart
(@the-oldtart)
Expert

I think you're misreading or reading out of context.

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Posted : November 9, 2014 3:33 pm
emzmom
(@emzmom)
Active Member

http://blogs.platts.com/2014/10/30/caribbean-hovensa-refinery/

Thought this was interesting.

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Posted : November 9, 2014 3:35 pm
CruzanIron
(@cruzaniron)
Expert

Here is Monarch's business plan: http://viconsortium.com/wp-content/uploads/2014/11/MONARCH-ENERGY.pdf

"FINANCING

Given the diversity of Monarch Energy and PMG Venture, and the working knowledge of what it will take to bring the refinery back online, we have the resources and experience to acquire and operate the facility and return it to profitability. We have $1.5 Billion dollar cash-credit facility for acquisition, operation and clean up. We have had preliminary discussions with multiple banking institutions that we have relationships with to establish additional lines of credit for crude oil supply. We have secured a commitment for 10 million barrels of crude per month (non US). We have other substantial assets available to acquire and operate the facility if deemed necessary after our due diligence phase."

On Tuesday, Virgin Islands Governor John de Jongh said the refinery was purchased for $1.6 billion by ABR. http://blogs.platts.com/2014/10/30/caribbean-hovensa-refinery/

So they can almost come up with enough to buy it.

Now where are they going to get the next billion to run it?

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Posted : November 9, 2014 3:40 pm
emzmom
(@emzmom)
Active Member

I agree .. The key is where is the money for either of these companies? Where does it come from and who are the principals controlling it? What is their experience and track record? Do either of these companies have the financial resources to sustain operations through the ups and downs of the markets? What is the return on investment that the ABR investors are expecting to provide financing? These are all questions I hope get asked and answered during the hearings. T

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Posted : November 9, 2014 3:50 pm
CruzanIron
(@cruzaniron)
Expert

That is what Lazard was hired to do. To vet bidders based on their financial ability.
Lazard will get a cut, so it is in their best interest also to find a financially capable company, and ABR met the Lazard criteria. Monarch did not.

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Posted : November 9, 2014 3:53 pm
singlefin
(@singlefin)
Trusted Member

I was referring to STXBob's earlier post:

"In the article [viconsortium.com] , Albert Armstrong of Monarch speculates that there is a hidden agenda to tear down the refinery and make it a resort."

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Posted : November 10, 2014 2:50 am
Alana33
(@alana33)
Expert

Due to the fact that the site has been an oil refinery, it's doubtful, even with millions spent as mandated by epa, to clean it up that it would be allowed to become a resort location by epa.

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Posted : November 10, 2014 3:40 am
rzombo
(@rzombo)
Active Member

And presumably VI Consortium follows journalism standards to prevent running a false story.

The VI Consortium is literally a blog. It follows journalism standards about as thoroughly as the people who post on this message board do.

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Posted : November 10, 2014 4:38 am
LiquidFluoride
(@LiquidFluoride)
Trusted Member

Due to the fact that the site has been an oil refinery, it's doubtful, even with millions spent as mandated by epa, to clean it up that it would be allowed to become a resort location by epa.

I doubt the EPA would do any such thing... that's WHY they clean up, the land isn't "ruined".

what do you think they do at refineries? breed Ebola and berry it around the property?

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Posted : November 10, 2014 11:38 am
janeinstx
(@janeinstx)
Trusted Member

Cruz have you ever heard of these guys?

Daniel Dempster
Dan is a chemical engineer with over 33 years of progressive experience in the refining industry. He spent 12 years with Gulf Oil in various planning management positions. Following the acquisition of Gulf Oil, he worked for Chevron as a planning and marketing manager. He spent 10 years with Hess Oil as planning manager at headquarters and their St. Croix refinery. Dan was also a Lead member commissioned by Hess to conduct the complete shutdown of Hovensa. His knowledge of the inner workings of Hovensa are invaluable. Prior to founding I Cubed Energy Consulting, Inc. he was Vice President of Planning Services for KBC Advanced Technologies, Ltd. He is a recognized expert in the areas of strategic investment analysis, business and operations planning practices as well as planning tools such as LP, Scheduling and Blending programs.

Albert Armstrong
Albert Armstrong Sr. is owner and president of SeTX Instrumentation & Electrical, Inc. He promotes safety, education, loyalty and diligence in all employees. He has worked all over the world contracting in many positions. His certifications include Pneumatic/Digital Control Systems (DCS) Programming, Maintenance & Troubleshooting, Instrumentation, NCCER’s Master Trained, PID makeup & reline/TDC 3000 board, Troubleshooting, graphics & configurations with 3000, Automation Analyzer, and Large scale project Manager. The conversion and training process of Hovensa will be aided by Al’s experience in training and overseeing his team of Instrumentation Technicians, Analyzer Technicians, Master Electricians, Electricians, and Safety Technicians. SeTx also provides Troubleshooting, Calibration & Repair, Energy Restoration, Substation & Switchgear, Operation Training/ SAP Training
Al’s work history includes: Global Energy USA in Nigeria as Operations Manager, Hovensa in St. Croix, Alaskan Petroleum in Alaska, Technical & Design Services in Alberta (Canada), BGI in Mexico, Motiva–Shell in Texas, Bechtel-Jacobs – Motiva CEP Project in Texas, Enterfy Sabine in Texas, MOTIVA –SHELL 2012, MOTIVA EXPANSION PROJECT - BECHTEL/JACOBS 2011-2012, ENTERGY SABINE 2010-2011, MATRIX SERVICES INC. - 2011 and RT SOLUTIONS 2010

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Topic starter Posted : November 10, 2014 12:06 pm
Alana33
(@alana33)
Expert

Entire Site
The 1999 RCRA permit includes extensive corrective action requirements for solid waste management units (SWMUs) and Areas of Concern (AOCs) at the HOVENSA site. Cleanup goals have been based on site usage remaining industrial, and are designed to prevent unacceptable risks to human health or the environment under industrial usage of this site. However, if future site usage changes, those cleanup goals may need to be re-evaluated.

http://www.epa.gov/region2/waste/fshovens.htm

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Posted : November 10, 2014 1:17 pm
OldTart
(@the-oldtart)
Expert

I was referring to STXBob's earlier post:

"In the article [viconsortium.com] , Albert Armstrong of Monarch speculates that there is a hidden agenda to tear down the refinery and make it a resort."

My point was that this was purely an idly speculative comment with nothing factual attached to it which it seemed from your post that you took rather literally.

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Posted : November 10, 2014 1:24 pm
Rowdy802
(@Rowdy802)
Trusted Member

A video interview of Robert Shrader by the VI Consortium... Just sharing...

http://viconsortium.com/business/exclusive-video-interview-with-robert-shrader-of-monarch-energy-partners/

P.S. Highly recommended to watch. There are extreme variations from the published three part interview.

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Posted : November 10, 2014 2:38 pm
LiquidFluoride
(@LiquidFluoride)
Trusted Member

Entire Site
The 1999 RCRA permit includes extensive corrective action requirements for solid waste management units (SWMUs) and Areas of Concern (AOCs) at the HOVENSA site. Cleanup goals have been based on site usage remaining industrial, and are designed to prevent unacceptable risks to human health or the environment under industrial usage of this site. However, if future site usage changes, those cleanup goals may need to be re-evaluated.

http://www.epa.gov/region2/waste/fshovens.htm/blockquote >

yes, that sounds exactly like what I was trying to say; thanks for the clarification.

If the EPA will allow housing developments on old landfills, then a resort where Hovensa is very reasonable.

one of the many rumors (ha!) I've heard from an engineer I work with is that hovensa is being sold to this shell company so the equipment can be stripped, sold down island to Chinese interests and the company will "go bankrupt" leaving the VI with the mess... but it could be that the first half happens and that the grounds are revitalized for a resort also (though that would be enormously expensive I assume).

But that's just a rumor, very unsubstantiated until I heard this resort idea that kind of lines up with it.

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Posted : November 10, 2014 2:57 pm
OldTart
(@the-oldtart)
Expert

Interesting body language too ... (the video linked).

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Posted : November 10, 2014 3:01 pm
CruzanIron
(@cruzaniron)
Expert

Use Google Earth and look at their headquarters and operations in FL and NJ.

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Posted : November 10, 2014 3:51 pm
CruzanIron
(@cruzaniron)
Expert

The ABR web site is up and running

http://abr.vi/

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Posted : November 10, 2014 4:17 pm
LiquidFluoride
(@LiquidFluoride)
Trusted Member

Use Google Earth and look at their headquarters and operations in FL and NJ.

FL:
https://www.google.com/maps/ @28.0063387,-82.1461539,3a,75y,256.46h,87.23t/data=!3m4!1e1!3m2!1saeS_QGzoitDV-7LAv_skGA!2e0!6m1!1e1

NJ:

https://www.google.com/maps/ @39.6355613,-75.3194904,3a,40.9y,135.94h,81.83t/data=!3m4!1e1!3m2!1sAngil0_jje1aWwhmKJBIiQ!2e0!6m1!1e1?hl=en

Are you commenting on their small size & "dirt lot" facility in florida?

The ABR web site is up and running

http://abr.vi//blockquote >

That website is pretty terrible, maybe it's just not loading right for me?

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Posted : November 10, 2014 4:28 pm
CruzanIron
(@cruzaniron)
Expert

That website is pretty terrible, maybe it's just not loading right for me?

Loads fine with Crome, not so good with IE

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Posted : November 10, 2014 4:30 pm
caribstx
(@caribstx)
Trusted Member

Not much there beyond what we already knew. The keep in touch by entering your email address feature doesn't appear to work.

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Posted : November 10, 2014 4:45 pm
speee1dy
(@speee1dy)
Expert

rzombo, what exactly has the vi consortium posted that has been false or different than any of the other online sources?

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Posted : November 10, 2014 5:02 pm
Rowdy802
(@Rowdy802)
Trusted Member

rzombo, what exactly has the vi consortium posted that has been false or different than any of the other online sources?

Among other things, they were complaining that they were being excluded by Lazard and that there was maybe a plot to favor ABR, and now this guy admits they were late to submit a bid...

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Posted : November 10, 2014 5:13 pm
caribstx
(@caribstx)
Trusted Member

So...after last night's Committee of the Whole Meeting, whats everyone's thoughts on how this is going to play out? Does ABR have the what it takes to get the 30th legislature to sign off?

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Posted : November 11, 2014 11:35 am
CruzanIron
(@cruzaniron)
Expert

I think the VI is screwed. Just like the Chinese did, ABR will just pick up their cards and walk away. To the VI, pride is more important than anything else. They'd rather have no terminal, loading rack or jobs than look weak by accepting a great deal in a short amount of time.

Remember the outcry when 18 nurses were fired? But no one cares about the 300 that are employed there now?

If this does not go through, there is NOTHING in place to force Hovensa to pay a dime (except the waived PILOT) or to physically remove on ounce of metal from that site. At least the new agreement covers removal of everything.

And Monarch is talking out their ass. They don't have the capital and can't raise the cash needed to restart the FCC unit alone, much less the entire plant.

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Posted : November 11, 2014 11:41 am
sunshinefun
(@sunshinefun)
Trusted Member

The Monarch people were very rude and disrespectful last night. Grunting and making odd noises during the ABR presentation. They should stick with cleaning the sludge from the bottom of storage tanks.

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Posted : November 11, 2014 11:55 am
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