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Wednesday, September 17, 2014

Hess, PDVSA receive offer for Virgin Islands Hovensa refinery -sources, (NYSE: XOM)

Hess Corp and Venezuela's state-run PDVSA have found an interested buyer for their 350,000 barrel per day (bpd) Hovensa refinery in the U.S. Virgin Islands, sources close to the deal told Reuters on Wednesday, confirming a local news report that could open the doors for the facility to run cheap U.S. crudes.Refining at the plant, owned 50 percent by Hess and 50 percent by PDVSA, has been halted since 2012 but its owners have been using it as a terminal.The operation would be part of a broader attempt by PDVSA to sell its foreign refining assets, including its unit in the United States, Citgo Petroleum; its stake in Chalmette jointly owned with Exxon Mobil ; and a specialized network operated by Neste Oil.The Virgin Islands Daily News quoted Governor John deJongh Jr. as saying he would like to see the sale done before he leaves office in January.

Exxon Mobil Corporation is a manufacturer and marketer of commodity petrochemicals, including olefins, aromatics, polyethylene and polypropylene plastics and a range of specialty products. Shares of XOM fell by 0.36% or $-0.35/share to $97.08. In the past year, the shares have traded as low as $84.79 and as high as $104.76. On average, 9341400 shares of XOM exchange hands on a given day and today's volume is recorded at 8774000.