WILLEMSTAD – The Bullenbaai oil terminal is operating its available storage capacity following the reopening of the Venezuelan market in January, according to Curaçao's June 2026 Financial Management Report.
The operation is being carried out under the responsibility of Curaçao Refinery Utilities (CRU), while 2BAYS continues efforts to increase the commercial value of the terminal and potentially attract an external operator in the future.
The development comes as the government's strategy for the former refinery complex undergoes a significant transformation.
According to the report, attempts by 2BAYS to find an operator for oil-industry activities have generated interest primarily in the Bullenbaai terminal. By contrast, there is little interest in restarting refinery operations at Emmastad.
That difference in market interest has contributed to the decision to shift from anticipated oil and gas production toward a service-oriented model built around terminal operations, storage and logistics.
The government says the current Bullenbaai strategy is increasing the market value of the terminal. That value could eventually be realized if 2BAYS succeeds in attracting an outside operator.
Bullenbaai therefore appears to be emerging as the strongest oil-related commercial component of Curaçao's former refinery assets at a time when the prospects for resuming conventional refining at Emmastad remain weak.
The report does not identify a prospective external Bullenbaai operator or provide a timetable for transferring operations to a private company.
For now, CRU remains responsible for the terminal's operations while 2BAYS continues pursuing commercial opportunities.