WILLEMSTAD - On Tuesday, December 19, Refineria di Kòrsou (RdK) and Petróleos de Venezuela S.A. (PDVSA) signed a 'Settlement Agreement,' outlining terms for the exchange of crude oil to address outstanding obligations in Curaçao. This marks a significant moment in the process that RdK and PDVSA have navigated over recent years, including legal proceedings and ultimately culminating in an amicable resolution at the negotiation table.
In an official ceremony held at the Pletterijweg building in Curaçao, RdK CEO Patrick Newton, PDVSA's Vice President of Exploration and Production and President of the Corporación Venezolana de Petróleo (CVP) Luis Enrique Molina Duque, and the Minister of Popular Power for Petroleum and President of Petróleos de Venezuela, S.A. (PDVSA), Pedro Rafael Tellechea Ruiz, under the supervision of Curaçao's Prime Minister, Gilmar Pisas, signed the Settlement Agreement. In December 2021, under the guidance of RdK's Director, Mr. Patrick Newton, the initiative was launched to extend a collaboration proposal, leading to this agreement.
Following a brief arbitration process in Switzerland in January, both parties decided to negotiate at the table, ultimately reaching a collaborative agreement. Simultaneously, RdK completed the necessary procedures with the Office of Foreign Assets Control (OFAC) to ensure that, despite global developments, sanctions, or any other circumstances, RdK can confidently receive and process the crude for market sale.
This step signifies a significant shift in the strategic relationship between RdK and PDVSA, a relationship that spans over 30 years. The emphasis on trust and improved relations holds immense importance. Additionally, the collaboration and crude importation will stimulate more ship operations in the harbor, economically benefiting Curaçao.