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Hovensa lays off 270 workers due to Q1 loss

Mon Jun 29, 2009 3:14pm EDT

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NEW YORK, June 29 (Reuters) - Hovensa LLC laid off on Friday 270 contract workers at its 500,000-barrel per day refinery in the Virgin Islands, a spokesman for the joint venture said on Monday.

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"We experienced a significant net operating loss in the first quarter," said spokesman Alex Moorhead.

The refinery, which is jointly-owned by Hess Corp (HES.N) and Petroleos de Venezuela, has about 1,400 workers on its payroll, in addition to about 1,000 contract workers who remain.

Weak demand for gasoline and diesel have cut into profit margins for refiners, forcing many to cut back on production.

Moorhead said he was unable to discuss rates or maintenance plans at the refinery. (Reporting by Janet McGurty; Editing by Marguerita Choy)

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