In 1966, Hess Oil began construction on an oil refinery. Until February 2012, the Hovensa plant located on St. Croix was one of the world's largest petroleum refineries, refining , and contributed about 20% of the territory's GDP. The refinery ceased operation in 2012, and the facility stopped exporting petroleum products in 2014. In the final year of full refinery operations, the value of exported petroleum products was $12.7 billion (2011 fiscal year). Since refining ended, the 34-million-barrel tank farm has operated as a crude oil and petrochemical storage facility for third-party customers. The refinery's closure provoked a local economic crisis. Following the acquisition of the 1,500-acre complex by ArcLight Capital Partners, LLC, in 2016, Limetree Bay Ventures, LLC, was formed, and is currently executing a project to refurbish and restart the refinery, with a processing capability of up to .