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Sinopec to lease oil terminal in US Virgin Islands

It will lease 10m barrels of the St Croix facility's initial 13m-barrel capacity

Published Wed, Dec 2, 2015 · 09:50 PM
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Houston

IN a world awash in oil, Asia's biggest oil refiner just locked down more places to store it.

China Petroleum & Chemical Corp, known as Sinopec, agreed to be the anchor customer at an oil terminal in the US Virgin Islands to be refurbished by an affiliate of ArcLight Capital Partners LLC and Freepoint Commodities LLC.

Sinopec will lease 10 million barrels of the terminal's initial 13 million-barrel capacity, according to Dan Hecht, general counsel for Freepoint.

The affiliate, Limetree Bay Holdings LLC, was named the winning bidder on Monday by a US Bankruptcy Court judge for the former Hove…

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