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Island Growth: New Business Opportunities Emerge for St. Croix

A flurry of good news has been published this week for the island of St. Croix.  This includes the sale of the HOVENSA oil refinery and a groundbreaking date for what will be the largest resort on the island.

Hovensa Sells to Atlantic Basin Refining

HOVENSA LLC, the Hess oil refinery which occupies a significant portion of St. Croix’s south shore, is being purchased by Atlantic Basin Refining Inc., according to a statement released by ABR earlier this week.  Before it was converted into a storage facility in February 2012, the refinery was the biggest in the world.  Upon re-opening, it is expected to produce 300,000 barrels of oil daily.  The re-opening may take up to two years, but will return a significant number of jobs to St. Croix.  In the immediate future, ABR plans to begin an engineering assessment of the plant, which is expected to take between six and nine months.

Today U.S. Virgin Islands Governor John deJongh, Jr. signed an operating agreement with Atlantic Basin Refining VI Chief Executive Officer Robert Moore, which now goes to the legislature for ratification.

Read more details from Bloomberg Businessweek and Virgin Islands Daily News.

South Shore Resort to Break Ground by February 2015

Golden Resorts LLLP promises to begin building the St. Croix Golf Resort & Casino by early next year on the south shore, Chief Executive Officer Paul Golden stated in a press conference this week.  This is to become the largest hotel on-island featuring 400 guest rooms, convention hall with meeting space for 1,400 people, casino, restaurants, spa, and 18-hole golf course.  The Golden Resort will bring thousands of new jobs to the island with an aggressive goal to open for business by March 2017.

Find more details with Virgin Islands Daily News.

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