WILLEMSTAD – 2BAYS announced that it has taken notice of Global Oil Management Group’s decision to reassess its investment plans for the reactivation of the asphalt production plant, citing changing market conditions linked to ongoing geopolitical tensions. 

According to 2BAYS, Global Oil informed the company that its decision stems directly from the evolving global situation, particularly the sanctions imposed by the United States on Venezuela, which have significantly altered market dynamics. As a result, Global Oil has decided to temporarily pause its activities related to the plant's reactivation. 

Despite this decision, Global Oil has assured 2BAYS that it remains committed to fulfilling its contractual obligations and will continue to provide a reliable supply of utilities. 

2BAYS acknowledged the serious challenges posed by the strained relations between the United States and Venezuela and the resulting shifts in the energy market. The company emphasized that it remains actively engaged in assessing the situation and is working closely with its partners, including Global Oil, to support and reactivate economic activities at its Emmastad and Bullenbaai sites. 

2BAYS reaffirmed its commitment to finding opportunities to foster growth despite the challenging circumstances.