by STAFF WRITER
January 7, 2022
KINGSTON, Jamaica, Jan 7, CMC – The Jamaica-based energy company, West Indies Petroleum Limited (WIPL) Friday said that it remains committed to successfully closing the sale and pursuing major strategic investment in the St. Croix-based Limetree Bay Refinery following its successful US$62 million bid last month.
“WIPL is also committed to being sensitive to environmental considerations in its operation of the facility which is widely regarded among stakeholders as a landmark and the largest of its kind in the western hemisphere,” the WIPL said in a statement.
WIPL said that the result of the auction was approved by Judge David Jones and that it has until January 21, this year to close the sale.
“No doubt we are committed to and confident about successfully closing out the sale and moving towards maximizing the potential benefits that this refinery may have on improving not just local or regional but also global energy security,” said WIPL chief executive officer, Charles Chambers.
“Quite apart from the economic boost to St. Croix via the significant foreign direct investment and job creation which our investment will naturally bring, it’s important to note that given the distinct comparative advantage which its strategic location facilitates, our winning bid and attendant proposed major investment in the Limetree Bay refinery have significantly raised the prospects of WIPL leveraging its footprints by supporting in a major way the energy requirements of a raft of countries including Puerto Rico, Trinidad and Tobago, Jamaica and sections of the United States.” He added.
The facility, which is located on the south shore of St. Croix in the US Virgin Islands, has storage/operating capacity and WIPL said the capacity “is multiple times that of refineries across the region”.
It said that the Limetree Bay Refinery’s operating capacity is 220, 000 barrels per day and it intends to increase operating capacity to approximately 450-barrels per day.
WIPL said it expects that its investment in Limetree Bay refinery will eventually assist in reducing energy costs, in particular in St Croix where the refinery has been upgraded to use LPG as its source of power generation. The refinery’s capacity presents significant opportunities for St. Croix and the region.”
WIPL’s senior vice president, Danville Walker, has described winning bid and accompanying strategic investment plans as “potentially game changing, not only for St. Croix, Jamaica and the region but a host of countries across the globe”.
The former Commissioner of Customs and Director of Elections in Jamaica, said ultimately, if the support of policymakers is had, we at WIPL hope to use the refinery to over the medium to long term create an environment which augurs well for the reduction in electricity costs in several countries.
“To be very clear WIPL is fully aware of past environmental mishaps which occurred during the operation of the Limetree Bay refinery in its previous proprietary dispensation and our proposed operation of the mega-facility will not only see us seeking not to repeat errors made and but also being mindful of the prescriptions and mandate of the Environmental Protection Agency (EPA) which is a United States federal government agency whose mission is to protect human and environmental health,” said Walker, a former chairman of the Natural Resources Conservation Authority (NRCA) in Jamaica.
CMC/ad/ir/2022
