However, the bankruptcy court will need to finalize the proposed timetable for the asset sale during a hearing on Thursday. Some parties have filed objections to the hurried sale process. Hovensa is jointly owned by Hess and PDVSA.

Limetree Bay, an affiliate of ArcLight Capital, had started the ball rolling for the asset bidding at Hovensa by bidding $184 million for the oil terminal assets. The “stalking horse” bid by Limetree will set the floor price for other bids. ArcLight Capital has an existing business relationship with Hess in which it has purchased assets from Hess for its affiliate.

The bid deadline for Hovensa assets is set for Oct. 22, and the auction will take place Oct. 27. The sale hearing is set for Oct. 29, and closing of the sale is on Nov. 13.

A bid for the terminal assets must propose a minimum cash purchase price, including any assumption of liabilities and any earn-out or similar provisions, that in the debtor’s reasonable business judgment, after consulting with the consultation parties, has a value greater than the sum of the purchase price set forth in the stalking horse agreement, the break-up fee, the expense reimbursement amount and $5 million for the overbid amount.

The amount of a minimum bid that includes assets in addition to the terminal assets and/or the assumption of liabilities in addition to those to be assumed pursuant to the stalking horse agreement shall be determined in the debtor’s reasonable business judgment in consultation with the consultation parties.

Bidders could bid for both the refinery and the terminal assets as a whole or separately.

Parties that have expressed interest in Hovensa so far include Buckeye Partners, Monarch Energy and Limetree.

Sources have told OPIS that it would take a couple of years to restart the oil refinery after some reconfiguration to adjust its crude slate. The oil terminal could be up and running by the end of next year if everything goes well with the government approval.