Isla's debt to RDK is 69 million guilders

WILLEMSTAD - ISLA's debt to Refineria di Korsou (RdK), the state company that owns the refinery installations, is 69 million guilders. That is according to the director of the RDK Marcelino de Lannoy in his presentation to parliament yesterday. A meeting requested by the coalition partner and ruling party PAR. Prime Minister Eugene Rhuggenaath, as the minister responsible for the refinery, was also present.

ISLA, a subsidiary company of the Venezuelan state oil company PdVSA has to pay 20 million annually in lease costs. That amount is paid in monthly installments but has not been paid since January. These would be strong indications that a bankruptcy is in sight for the Isla.

Sanctions from the United States are blocking payments from Isla and PdVSA. To prevent problems, De Lannoy now wants to apply for a license so that the Isla can still pay the payments. De Lannoy emphasized that this was his conclusion and that he has no clear picture of the financial situation of the refinery. “What I do know is that there is a blockage on payments that have to go to Curaçao.”

The RdK director wonders what will happen this month. He stated in his presentation to Parliament that payroll payments are normally made much earlier than the end of the month and payment orders are sent from the twentieth of each month. “What can we expect? We don't know for sure, but we can fill it in ourselves,” says De Lannoy.

If the Isla does not resume payments, then the employees run the risk of not receiving their salaries from September onwards.

Meanwhile, according to De Lannoy, he has informed the Council of Ministers about the current state of affairs. “We have indicated that we cannot sit still with crossed arms to see if salaries are being paid or not. We have to do something. We want to help Isla so that it can meet its obligations,” said the RdK director. That is why RdK is going to submit a request to the Office of foreign assets control (Ofac) for a license that would pave the way for incoming payments.

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