WILLEMSTAD – The transformation of Curaçao’s refinery and oil storage infrastructure continues under the direction of government-owned company 2Bays, which has launched a new video program titled Riba Patio ku 2Bays to promote transparency and offer context on its ongoing operations. In the latest episode, 2Bays CEO Patrick Newton provided updates on the progress of two key tenants: Vigor and Global Oil Management Group (GOMG). 

According to Newton, Vigor—formerly known as Oryx and backed by a Qatari investor—is fully compliant with all contractual agreements, including lease payments, operational costs, and capital expenditure investments at Bullenbaai. Vigor focuses on storage and blending of petroleum products both at the Bullenbaai terminal and on the former Isla refinery site. Importantly, Newton noted that Vigor is less dependent on crude oil from Venezuela, giving it greater flexibility amid shifting geopolitical dynamics. 

“Vigor has met all its obligations, both financially and operationally,” Newton stated. “They’ve even started their Capex projects at Bullenbaai.” 

Global Oil Facing Unexpected Hurdles 

In contrast, Global Oil Management Group, the U.S.-based operator that aims to restart asphalt production and export at part of the Isla site, is experiencing delays. Newton explained that necessary repairs to outdated equipment have proven to be more costly than originally anticipated. Additionally, U.S. sanctions on Venezuela—and the requirement for OFAC licenses—have made access to Venezuelan crude more complex for Global. 

“Global is evaluating its position, but they’ve clearly indicated they intend to move forward,” said Newton. He added that 2Bays remains optimistic that the required OFAC license will be secured, allowing Global to resume operations in the near future. 

Staffing Changes and Employment Outlook 

Newton also addressed reports that Global recently let go of around sixteen workers, clarifying that these individuals were on temporary contracts that simply weren’t renewed. In contrast, 2Bays’ subsidiary Curaçao Refinery Utilities (CRU)—which provides critical services to tenants—continues to employ all 260 full-time staff members. 

“If all goes according to plan, even more workers will be needed in the future,” Newton stated, while also acknowledging the unpredictability of global geopolitical developments.