WILLEMSTAD – A traditional oil refinery will not return to the former Isla site, according to 2Bays CEO Patrick Newton, as the company increasingly positions the massive industrial area around the Schottegat for oil storage, specialty products and maritime activities.
Newton outlined the direction of the former refinery properties during a visit by the Association of Dutch Caribbean Economists on Saturday, August 29. The economists toured several companies and projects around the Schottegat to assess whether maritime, industrial and logistics activities could develop into a new economic pillar for Curaçao.
During the visit to 2Bays, Newton told the group that a refinery will not return to the site. Instead, plans include the production of specialty products such as asphalt and graphite.
The statement provides further clarity about the future direction of one of Curaçao's most important industrial areas following years of attempts to secure a new operator for the refinery.
At the same time, 2Bays is repairing and upgrading its docks and jetties to improve the services that can be offered to maritime and industrial customers. Management expects demand for these facilities to increase significantly in the coming years.
One new activity is Navel Caribbean Dockyard, a ship-repair company that will service vessels up to 400 gross register tons.
Oil storage is also expected to remain an important part of the site's future. 2Bays Asset Development Manager Gerald Lijde highlighted opportunities for storage both at Bullenbaai and on the former Isla property.
According to the Economenclub's account of the visit, major international companies have shown interest in using Curaçao's storage facilities as they anticipate potentially favorable geopolitical developments involving neighboring Venezuela.
Storage tanks that are currently out of service are gradually being repaired, which would allow 2Bays to increase the amount of operational storage capacity available to customers.
The plans also contain an environmental component. A solar energy park is being developed on land heavily contaminated with asbestos, giving part of the former industrial property a new use.
The developments suggest that the transformation of the refinery properties will not depend on one major replacement for the former refinery. Instead, the emerging model combines storage, maritime services, specialty products, renewable energy and other industrial activities.
After visiting five organizations around the Schottegat, the Association of Dutch Caribbean Economists concluded that the area has significant economic potential. However, the organization warned that transforming that potential into a genuine new economic pillar will require investment, cooperation between the public and private sectors and decisive government action.