Open letter to Curacao Minister of Economy, Dr. Steven Martina, 07-07-2020

Dear Excellency Minister Martina,

I am reading in Curacao Chronicle today about the Netherland’s Corona financial help conditions that according to your Gov’t opinion:

“The package is such that implementation - in all probability - will seriously affect the well-being and stability of the country.”

At the same time your Government is “maintaining” an Export-Refinery on idle since more than 2 years, which has – all experts confirm – the potential to generate between $500 million and $1 billion net profit for the island’s economy. These refinery margin numbers are average for US Refineries during the past 20 years (see Bloomberg statistics).

In addition there is a shortage for refined petroleum products (gasoline, diesel, gasoil, jetfuel) in the wider Caribbean of 1.8 million barrels per day in refining capacity, while the population has doubled during the last 50 years.

So the Isla Refinery has a historic chance to fill this ‘vacuum’ on the refined products market in Middle America.

Summarizing, I see that the

“… seriously affect the well-being and stability of the country ...”

… is not coming from the Dutch corona aid conditions, but from the Government’s inability to run the export refinery properly and to the benefit of the nation. More clear: Operate the Isla Refinery up to International Standards and keep the refinery margins in the Curacao economy, instead of outsourcing the profits to tax havens in Europe or Asia.

The financial crisis in Curacao is home-made and completely unnecessary. Just act NOW and stop wasting time.




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