On January 9, 2016, the Government successfully closed $220 million of acquisition financing with ArcLight Capital in their purchase of the closed HOVENSA oil refinery on the big island of St. Croix. ArcLight though its subsidiary operating company has converted the refinery into a crude oil storage terminal to initially store 13 million barrels of which the majority is under a term contract with a dedicated customer. Standard International Group’s prior experience with the HOVENSA facility combined with its oil and gas experience in the Caribbean (Curaçao) and West Africa (Angola and Equatorial Guinea) proved to be valuable to the Government specifically in the price and terms of the sale and purchase with Hess/PDVSA and ArcLight. Standard International Group further advised the Government to apply a portion of the sale proceeds to reduce certain outstanding short-term liquidity facilities.