Business

Argus Media: Jamaican bunkerer seeks to revive USVI refinery

Jamaican bunkering firm WIPL that won an auction for a US Virgin Islands refinery aims to reopen the facility and more than double its capacity.

Published

4 years ago

January 11, 2022

Admin

Jamaican bunkering firm WIPL that won an auction for a US Virgin Islands refinery aims to reopen the facility and more than double its capacity.

WIPL won the 18 December auction in a Texas bankruptcy court with a $62mn bid for the 200,000 b/d Limetree Bay plant, and says it will expand its capacity to around 450,000 b/d.

WIPL has until 21 January to close the sale. Waiting in the wings is runner-up bidder St. Croix Energy, a local start-up that submitted a $57mn bid, almost double the offer it made in a November 2021 auction that was later voided.

The refinery had an original design capacity of 525,000 b/d and was previously owned by Hovensa, a joint venture between Venezuelan state-owned PdV and US independent Hess that shut the facility in 2012.

“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,” WIPL said.

The company has not indicated how it will finance the acquisition. Even if it secures financing, WIPL will need to address formidable environmental and regulatory problems that led to the refinery’s shutdown in May 2021, four months after it reopened.

Former owner Limetree Bay — belonging to US private equity firm Arclight Capital Partners and US trading firm Freepoint Commodities — filed for Chapter 11 bankruptcy after suspending operations indefinitely because of “severe financial constraints.”

This followed a shutdown order from the US Environmental Protection Agency (EPA) because of coker accidents.

“WIPL is fully aware of past environmental mishaps,” it said. Its operation “will not only see us seeking not to repeat errors but also being mindful of the prescriptions and mandate of the EPA.”

New refinery operators “will need to engage with EPA regarding environmental compliance and permitting issues prior to the start-up of any operations at the refinery,” EPA said in a November letter to bidders.

The former owners spent $4bn to modernize the refinery, including upgrades that will allow it to use LPG for power generation, WIPL said.

The refinery will “support in a major way the energy requirements of a raft of countries including Puerto Rico, Trinidad and Tobago, Jamaica and sections of the US.”

A successful restart would buck a trend of Caribbean refinery closures.

By Canute James

Photo credit and source: Argus Media
Published: 12 January, 2022

Business

Singapore: Notice of intended dividend issued for Parakou Shipping Pte Ltd

Creditors of the company will have to submit proof of debt to the liquidators of Parakou Shipping by 17 June, according to Government Gazette notice.

Published

20 hours ago

June 5, 2026

Admin

A notice to declare the intended dividend of Parakou Shipping Pte Ltd to its creditors has been posted on the Government Gazette on Wednesday (3 June).

The following are the details of the notice of intended dividend:

Name of Company : Parakou Shipping Pte Ltd (In Creditors’ Voluntary Liquidation)
Address of Registered Office : c/o KordaMentha, 50 Raffles Place, 25-01 Singapore Land Tower, Singapore 048623
Last Day of Receiving Proofs (if not already lodged): 17 June 2026
Name of Liquidator : Cameron Duncan
Address : c/o KordaMentha Pte Ltd, 50 Raffles Place, #25-01 Singapore Land Tower, Singapore 048623

Photo credit: steve pb from Pixabay
Published: 5 June, 2026

LNG Bunkering

Chinese firms form pact for 20,000 cbm LNG bunkering vessel project

CM Energy Tech, Seacon Shipping Group and China Merchants Heavy Industry (Jiangsu) signed a joint venture agreement for 1+1 20,000 cubic meter LNG bunkering vessels.

Published

20 hours ago

June 5, 2026

Admin

CM Energy Tech Co Ltd, Seacon Shipping Group Holdings Limited and China Merchants Heavy Industry (Jiangsu) Co Ltd on Tuesday (26 May) signed a joint venture agreement for the construction of 1+1 20,000 cubic meter liquefied natural gas (LNG) bunkering vessels.

The parties also signed a shipbuilding contract for the first vessel, which will be constructed by China Merchants Heavy Industry.

The project combines CM Energy Tech’s access to the China Merchants Group ecosystem, Seacon Shipping Group’s expertise in ship management and operations, and China Merchants Heavy Industry’s shipbuilding capabilities. The partners said the initiative is intended to address the shortage of large-capacity LNG bunkering vessels in the Chinese market.

The newbuild LNG bunkering vessel will feature dual C-type independent cargo tanks and is designed with a boil-off rate of just 0.16% per day. It will also be capable of delivering LNG at a bunkering rate of up to 2,000 cbm per hour, enabling efficient refuelling of large LNG-fuelled vessels.

The vessel will be powered by Wärtsilä dual-fuel engines and will comply with IMO Tier III emissions requirements. The first vessel is scheduled for delivery in 2028.

The three companies said they plan to further expand cooperation across the LNG value chain, strengthen their presence in the marine energy sector and provide customers with integrated LNG bunkering services focused on safety, operational efficiency and lower carbon emissions.

Photo credit: David Yu from Pixabay
Published: 5 June, 2026

Methanol

India’s Agastya inks green methanol offtake agreement with SAR Group

Agastya Green Fuels and SAR Group will work together to enable green methanol storage, bunkering, and marine fuel infrastructure across Sri Lanka.

Published

20 hours ago

June 5, 2026

Admin

India’s clean energy conglomerate Agastya Group on Wednesday (3 June) said Agastya Green Fuels signed a long-term green methanol offtake agreement with Sri Lankan bunker supplier SAR Maritime Agencies, a SAR Group company, for the supply of 250,000 metric tonnes (mt) per annum of EU RFNBO RED III Compliant green methanol.

Agastya said the agreement establishes one of the largest green methanol supply partnerships in the Indian Ocean Region and marked a major step toward creating a new green maritime energy corridor connecting India and Sri Lanka.

The green methanol will be supplied from the Agastya Green Fuels Hub at Mulapeta Port, Andhra Pradesh, India, where Agastya is developing a green methanol export-oriented facility with a planned investment of USD 6 billion over the next six years. The facility is expected to produce 1 million mt per annum.

“Through this partnership, Agastya Green Fuels and SAR Group will work together to enable green methanol storage, bunkering, and marine fuel infrastructure across Sri Lanka, positioning Colombo, Hambantota, and Trincomalee as future clean-fuel hubs for global shipping,” the company said in a social media post.

“The Indian Ocean is emerging as the world’s next green fuel corridor. Agastya Green Fuels intends to be at its center,” said Shashi K Reddy Arjula, Founder and Group CEO of Agastya.

Photo credit: CHUTTERSNAP on Unsplash
Published: 5 June, 2026