$1.3B Loss Leads To Hess Refinery Shutdown

Law360, New York (January 19, 2012, 5:40 PM EST) -- Hess Corp. is shutting down its refinery in the U.S. Virgin Islands, the U.S. oil giant said Wednesday, citing a $1.3 billion loss at the plant, which is a decade-old joint venture with Venezuela's state-owned oil company.

The company was unable to stem losses at the Hovensa LLC refinery in St. Croix, one of the world's biggest. Hess said it would take a $525 million hit on its fourth-quarter earnings as a result of the shutdown, after which Hovensa will operate as an oil storage terminal....
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