WILLEMSTAD – Curaçao government company 2BAYS is facing pressure on its liquidity as it continues carrying personnel originally retained in anticipation of restarting refinery operations, while financial obligations involving Global and Curoil remain unpaid, according to the government's June 2026 Financial Management Report.
The report identifies the refinery situation as a high-impact financial risk and says finding an operator for Curaçao's oil industry remains a challenge. Interest from potential operators is concentrating primarily on the Bullenbaai terminal, while there is little interest in restarting the refinery at Emmastad.
According to the government, 2BAYS' liquidity position has come under pressure partly because personnel were retained during the search for a new refinery operator on the assumption that refining activities would eventually restart.
The report identifies two additional factors: Global has failed to meet its financial obligations, while Curoil has left contractual debts to Curaçao Refinery Utilities (CRU) unpaid. The report does not specify the amounts involved.
These developments come as 2BAYS shifts away from the original objective of restoring traditional oil and gas production at Emmastad toward a business model centered primarily on services, including terminal operations, storage and logistics using leased assets.
The government classifies the refinery-related risk at the highest impact level, five, while assigning a probability level of four, meaning “likely.” The chosen response is mitigation, indicating that authorities recognize the risk and intend to take measures to reduce it rather than accept or avoid it.
At the same time, the report points to improving commercial activity at Bullenbaai. It says the terminal is operating its available storage capacity following the reopening of the Venezuelan market in January 2026, with CRU responsible for the operation.
According to the report, 2BAYS believes its current approach is increasing the market value of the terminal, which could become important if an external operator is eventually attracted.
The findings underline that the transition of Curaçao's former refinery complex is not simply an industrial question. It also carries financial consequences for government-owned companies while the island searches for a commercially sustainable future for some of its largest industrial assets.