Jamaican company wins bid to purchase US Virgin Islands oil refinery

Jamaican oil storage company, West Indies Petroleum, has won the bid to purchase an oil refinery in the US Virgin Islands.

According to Virgin Island Daily News, West Indies Petroleum was selected in the second auction of the Limetree Bay refinery on Saturday night with a US$62 million bid.

That's more than double its initial commitment of $30 million cash.

St. Croix Energy, the group of investors that won the first auction on November 18, is now the back-up bidder.

This was revealed in a filing by Limetree Bay refinery attorney Elizabeth Green in the U.S. Bankruptcy Court for the Southern District of Texas.

On Sunday night, attorneys for St. Croix Energy filed an objection to the sale to West Indies Petroleum.

St. Croix Energy won the first auction with a bid of $20 million cash.

But, at Limetree's request, a judge reopened the auction to allow a new bid from West Indies Petroleum whose CEO had a medical emergency on the eve of the first auction.