WILLEMSTAD – The recent decision by the U.S. government under Donald Trump to force Global Oil Terminals to halt its operations in Venezuela could have significant economic consequences for Curaçao. 

Global Oil Management Group (GOMG), the parent company of Global Oil Terminals, holds substantial interests in Curaçao through its subsidiary Curaçao Oil Refining and Trading (CORT). 

Key Role in the Oil Industry 

CORT manages over five million barrels of storage capacity in Emmastad, playing a crucial role in the trade and processing of crude oil, asphalt, and other petroleum products. Additionally, GOMG has a partnership agreement with the Curaçao refinery for the production and export of asphalt, a deal signed in 2023 that promised to create hundreds of jobs. 

However, sanctions against Venezuela and GOMG’s forced exit from the country now put this collaboration at risk. Although Curaçao has become less dependent on the oil industry since the departure of PdVSA in 2019, any disruption in the supply chain could impact employment and investment on the island. 

The oil tanker Dhalkut, which has been sailing near Curaçao since November 2024 without permission to dock at Bullenbaai, highlights the uncertainty these sanctions bring. 

Oryx Group’s Role and Uncertain Future 

In July 2024, the Oryx Group signed a 30-year agreement with Refineria di Kòrsou (RdK)—now rebranded as Curaçao Refinery 2Bays—to manage the oil storage and transshipment facilities at Bullenbaai and Emmastad. 

The combination of U.S. sanctions on Venezuela and uncertainty surrounding GOMG’s future role may affect Oryx Group’s position and complicate further development of Curaçao’s oil industry. 

No Official Government Response Yet 

The Curaçaoan government has yet to issue an official response to these recent developments. However, industry experts warn that disruptions to trade flows and investments could negatively impact the island’s economy, especially if alternative partners or solutions are not found quickly.