WILLEMSTAD - According to the interim director of the Refineria di Korsou, Curaçao Refinery (RdK) which is the state company that owns the refinery, Marcelino de Lannoy, the oil industry is a very capital-intensive sector. “The idea that Curaçao and / or Refineria di Kòrsou can operate the Isla refinery itself - after all, almost all employees are from the island and so Curaçao has the expertise - sounds interesting and certainly friendly, but it is impossible seeing how much money is involved in this industry.”

Similarly, there are now parties who want to take over the Isla, but who simply do not have the required financial resources. The RdK chief executive calculates: a minimum of (a guarantee of) half a billion dollars is required for a takeover by the government owned company. With a production of 250,000 barrels per day at a price of 50 dollars per barrel, 12.5 million dollars is required. Not per month, but per day.

DeWhen purchasing, you also have to be sure that you can achieve the right margins when selling fuel products, in order to have enough earnings and thereby pay for salaries and maintenance.”

If the refinery is at a standstill, the supply of crude oil and the transport of 800 to 1,000 ships per year must be properly managed. “A great deal of capital is required for this and, moreover, the necessary reserves if things go wrong.”

RdK and the country Curaçao cannot handle this. It is a noble idea, but the financial basis for it is lacking.

The island also looks at the possibility of a party that can (financially) guarantee the delivery of crude oil; after 2019 but also for now, because more and more it appears that PdVSA cannot manage that. "Such a "processing deal "can be interesting, but most interested people do not want to take the financial risk," says De Lannoy.