Limetree Bay Terminals is currently in default of variable payments to the government of the Virgin Islands, public finance authority director Nathan Simmonds revealed to lawmakers.
Speaking during a budget hearing in the committee on finance, Mr Simmonds spoke on a number of pertinent issues, among them matters related to the facility sitting on the south shore of St Croix.
Mr Simmonds said: “The terminal’s variable payment for FY 2021 was approximately $9.4 million. For FY 2020 Limetree paid $11.2 million in terminal variable payments. For FY 2022 to date, LBT has made the first quarter payment of approximately $1.9 million. We have not yet received the second quarter payment and have advised LBT that they are in default. They have indicated that they expect to cure the default within the 90-day cure period.”
Earlier in June, the consortium reported that a fight between West Indies Petroleum/Port Hamilton Refining and Transportation and Limetree Bay Terminals that was brewing for months, spilled over into the public’s view, with a LBT court filing revealing that Port Hamilton owed the Terminal $5.6 million. As a consequence, LBT ended certain services that it provided to Port Hamilton.
Limetree Bay Terminals said: “As a consequence of this termination of services for non-payment, LBT significantly reduced PHRT’s access to certain network resources, including the SAP system and the other LBT IT systems where the Debtors’ books and records are stored.”
According to Mr Simmonds, as of March 31, 651 persons were employed at Limetree Bay Terminals, 493 of which are contractors and 158 employees.
Mr Simmonds made it known that “There is approximately 27 million barrels of storage that is currently online, of a total storage capacity of 30 million barrels at the terminal.”
Relative to the refinery portion, owned by Port Hamilton and West Indies Petroleum, Mr. Simmonds said that the PFA and the GVI “have been working with them, and the US Environmental Protection Agency on a safe restart for the refinery.”
For more information visit www.limetreebayenergy.com
