Jan 28 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
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
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
Elliott may seek to acquire shares valued at more than $800
million, Hess said.