Large private equity firm lost millions investing in ailing oil refinery
Arclight Capital Partners, whose clients include NFL players, teachers from Maine and doctors from the Mayo Clinic, has lost hundreds of millions of dollars betting on an oil refinery in St. Croix, Reuters reports.
The Limetree Bay refinery was closed for 60 days by the EPA last month after releasing a cloud of oil pollution that rained oil on neighboring neighborhoods – for the second time since it reopened in February. The refinery was first closed almost 10 years ago after a multi-million dollar lawsuit with the EPA was settled over the leak of more than 300,000 barrels of petrochemicals and pollution of Sainte’s only aquifer. -Cross.
Linda Woods, a retired teacher from Maine, said Reuters she hopes the losses will be “a watershed moment” for the state to limit oil and gas investment in the public pension plan. In December and January, The New York State Pension Fund and three of the largest employee pension funds in New York City, respectively, announced that they would divest from companies that contribute to climate change in order to protect the long-term value of their funds.
Originally posted by Nexus Media
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