HOVENSA, a joint venture between a subsidiary of Hess Corporation and a subsidiary of Petroleos de Venezuela, S.A. (PDVSA) operates a world-class merchant refinery in St Croix, USVI. The facility is one of the most modern refineries in the United States and, with crude oil processing capacity of 495,000 barrels per day (BPD), is one of the largest in the world.

The refinery is strategically located to serve gasoline and heating oil markets in the both the U.S. Gulf Coast and along the eastern seaboard, providing a ready market for finished products. The refinery is capable of receiving and processing crudes from all over the world, although the majority of crude is supplied from Venezuela.

The refinery operates a state-of-the-art Fluid Catalytic Cracking unit (FCC) with a current charge rate of 140,000 BPD. This unit, one of the largest in the world, is capable of producing 175,000 BPD of gasoline that meets stringent U.S. environmental standards.

In addition to the FCC, HOVENSA operates a delayed coking unit (Coker) that was commissioned in August 2002. The Coker allows for the manufacture of gasoline and heating oil using lower cost, heavy crudes, which significantly improve the conversion economics. To reduce air emissions associated with the unit, the design includes coke handling and storage systems that are completely enclosed.

The Company operates a fluid catalytic cracking (FCC) unit in Port Reading, New Jersey, ten miles from New York City. The FCC can produce up to 65,000 BPD of high quality gasolines and other fuel products. The refinery serves the needs of Hess retail outlets, as well as industrial and residential customers, in the major metropolitan area. Because of the proximity to the New York market, the facility is uniquely positioned to respond to the sometimes rapid changes in the gasoline market.

The facility produces some of the cleanest burning gasoline available for the environmentally sensitive Northeast markets. The emissions per barrel produced are among the lowest in the United States.