FTI Consulting is representing Atlantic Basin Refining, a company formed by energy sector veterans to buy and re-start the one-time largest oil refinery in the Western Hemisphere amid the US shale boom.
Affiliates of Hess Corp. and the Venezuelan state oil and natural gas company, PDVSA, have inked a pact to sell the shuttered St. Croix Refinery in the US Virgin Islands to ABR.
FTI VP Shannon Stucky in New York is providing communications counsel and speaking for ABR, which Reuters described as a little-known entity led by managing partners with decades of experience in the energy business.
Hess opened the St. Croix Refinery, also known as Hovensa, in 1966, reaching a 65,000-barrell-a-day processing capacity at its peak in the 1970s and '80s. It was closed to refining in 2012, when it was focused mainly on processing Venezuelan crude oil, which was sold as gasoline in the US.
ABR managing director for legal and government affairs, Mark Eckard, said in a statement that the US shale gas "revolution" has created a large supply of US light sweet crude, but the US has limited supply to refine it." The company is pitching the refinery as a way to meet that need and bring tax revenues, training and jobs to the USVI.
The Wall Street Journal said a re-opened Hovensa would likely focus on US-produced oil as US refineries are working at "full tilt." Its USVI location also provides regulatory advantages as a US territory.
ABR needs approval from the USVI government.
Edelman handles Viking Holdings, the river and ocean luxury cruise line that plans to raise $1B via an IPO priced in the $21 to $25 per share range.
Teneo is handling the initial public offering of CVC Capital Partners, one of Europe’s largest private equity firms with nearly $200B in assets under management.
Brunswick Group represents Endeavor Group Holdings as it agrees to go private via its acquisition by Silver Lake technology investment firm, which is handled by Edelman Smithfield.
Tod Donhauser, a nine-year veteran of Edelman, has joined H/Advisors Abernathy as managing director and head of its San Francisco office.
Intelligent Group Ltd, a Hong Kong-based financial PR firm, has priced its initial public offering of 1.9M shares at $4, which is the low end of the $4 to $5 range.
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