Mapp approved refinery agreement ratified by Legislature

Gov. Kenneth E. Mapp approved an agreement with Limetree Bay Terminals LLC to resume oil refining operations on St. Croix, according to a Government House announcement published Aug. 1, 2018.

The 32nd Legislature ratified the agreement on July 25, 2018, as Bill No. 32-0246. Government House said the agreement was expected to create about 1,300 construction jobs and as many as 700 long-term positions, in addition to jobs already tied to Limetree's oil terminal storage facility.

In a transmittal letter to Senate President Myron Jackson, Mapp said the agreement was projected to generate about $775 million in government revenue over 10 years, including more than $600 million in new revenue generated by the refinery, and that Limetree Bay would make more than $1.4 billion in direct capital investment.

Government House also said the Legislature did not act on other measures Mapp had submitted as part of the refinery package, including proposals involving capital projects, additional tax refund payments and reform of the Government Employees Retirement System.

Official source: https://www.vi.gov/governor-signs-off-on-refinery-agreement-ratified-by-the-legislature/