Hess Corp to sell 20 oil storage terminals, exit refining business

Mon Jan 28, 2013 9:03am EST

Jan 28 (Reuters) - Hess Corp said it would pursue the sale of 20 oil storage terminals in the United States and the Caribbean, and exit its refining business, freeing up $1 billion of capital that will be deployed in its oil and gas business.

The terminal network located along the U.S. East Coast has storage capacity of 28 million barrels. The St. Lucia oil storage terminal in the Caribbean has 10 million barrels of capacity.

Hess will exit the refining business by closing its Port Reading, New Jersey refinery.

Separately, Hess said hedge fund Elliott Associates and its associated entity Elliott International notified that they intend to seek regulatory approvals to acquire additional shares in Hess.

Elliott may seek to acquire shares valued at more than $800 million, Hess said.

Photo

After wave of QE, onus shifts to leaders to boost economy

DAVOS, Switzerland - Central banks have done their best to rescue the world economy by printing money and politicians must now act fast to enact structural reforms and pro-investment policies to boost growth, central bankers said on Saturday.