The idled Limetree Bay oil refinery could resume operations with “minimal capital” and could “easily” be transformed to produce biofuels, the investment banker hired to attract investors said in a marketing document, Reuters reported. The St. Croix, U.S. Virgin Islands, refinery filed for bankruptcy in July after investors poured $4.1 billion into an unsuccessful revival of the aging facility. U.S. regulators halted processing after residents complained of foul odors, oil that was sprayed on nearby homes and contaminated drinking water supplies. Jefferies Financial Group Inc., which was hired to find a buyer, said in its marketing pitch that “zero facility investment” is required for a restart. It also said that the refinery had been fully operational since January 2021 and has “strong government support” at territorial and municipal levels. It made no mention of the U.S. Environmental Protection Agency order shutting down the plant or requirements to install air monitoring systems before a restart. U.S. prosecutors also are investigating potential criminal violations of the Clean Air Act, a Limetree attorney said during a bankruptcy hearing in early August.
