WILLEMSTAD – The American company Global Oil Management Group has officially informed Curaçao’s state-owned companies 2Bays (formerly Refineria di Kòrsou) and CRU (Curaçao Refinery Utilities) that it is reassessing its investment plans in the island’s asphalt facilities. The update raises new concerns about the future of the much-anticipated project at the former Isla refinery site.
While 2Bays publicly linked the shift in plans to changing geopolitical conditions—particularly U.S. sanctions on Venezuela and their effects on global oil markets—sources familiar with the refinery’s inner workings suggest there are deeper issues at play. Insiders indicate that the reassessment goes beyond geopolitics, pointing to internal challenges and stalled progress on critical infrastructure upgrades.
A memo circulated within CRU, seen by Curaçao Chronicle, acknowledges the development and outlines its immediate consequences. "Our support for the asphalt train project continues, but with reduced activity," the memo states. Key technical preparations, including LPG inspections and work on HV-6 and CD-2 units, have been temporarily put on hold, pending Global’s internal review.
However, not all operations have been suspended. CRU confirmed that ongoing work on parts of the site—such as inspections of Jetty 6 and 8, and structural assessments of columns at CD-2A and HV-6—will continue for now. These tasks, CRU emphasized, do not require additional investment and fall within the company’s existing capabilities.
“Our goal remains unchanged: to provide Global with full support in getting the asphalt facilities operational by the end of this year,” the memo states.
Still, the outlook appears increasingly uncertain. Curaçao Chronicle has learned that some staff working on the project have recently been moved to part-time pay, and specialists previously flown in from the U.S. have already returned home. Moreover, much of the essential overhaul work on the site has yet to begin—raising doubts about the timeline and the commitment behind the project.
As Curaçao continues to seek a sustainable path forward for its former refinery infrastructure, the latest developments mark a setback in what was once hailed as a major industrial revival effort.
