WILLEMSTAD – Curaçao Refinery Utilities (CRU) accumulated approximately XCG 175.5 million in losses between 2020 and 2025, all of which were absorbed by parent company 2BAYS. Despite the losses, CRU continues to play a crucial role in maintaining Curaçao’s fuel infrastructure, with part of the costs of those operations recovered through regulated fuel prices.
The figures are contained in the annual financial statements of Refineria di Kòrsou, now operating as 2BAYS, covering the period from 2020 through 2025. The government recently submitted the documents to the Curaçao Parliament.
CRU is a wholly owned subsidiary of 2BAYS and was originally established to operate utilities for the refinery. It supplies services including electricity, steam, water and compressed air from the B.O.O. power plant on the Isla refinery property. The installation itself remains legally owned by 2BAYS.
CRU’s responsibilities expanded significantly following the departure of Venezuelan state oil company PdVSA.
Since 2020, the company has managed parts of the refinery infrastructure on behalf of 2BAYS and carried out what is known as the B3 operation, which is intended to safeguard the fuel supply for Curaçao and Bonaire.
This includes keeping terminals, storage tanks, pipelines and other essential infrastructure operational, as well as carrying out maintenance and safety work.
According to the financial statements, 2BAYS finances CRU’s net expenditures for the B3 operation. The operational costs associated with that activity are subsequently recovered through surcharges incorporated into Curaçao’s regulated fuel prices.
However, the financial statements do not provide enough detail to determine exactly how much of CRU’s overall expenditure and losses is ultimately paid by consumers through fuel prices.
The documents do not clearly separate costs related to the B3 fuel operation from expenditures associated with maintaining and preserving the refinery complex or other CRU activities.
That distinction is important because CRU has consistently operated at a loss.
The company recorded losses of nearly XCG 49 million in 2020, more than XCG 34 million in 2021, XCG 13 million in 2022, XCG 22.5 million in 2023, XCG 33.7 million in 2024 and another XCG 23.2 million in 2025.
Together, those losses amount to approximately XCG 175.5 million over six years. The most recent financial statements explicitly indicate that the losses are fully borne by 2BAYS.
That does not mean Curaçao motorists paid XCG 175.5 million through fuel prices. The available financial statements do not provide sufficient information to establish such a connection.
Nor does CRU’s loss-making position mean Curaçao’s fuel supply is immediately at risk. The company continues to receive financing from 2BAYS, while eligible B3 operating costs are recovered through regulated fuel prices.
The figures do show, however, that a critical component of Curaçao’s fuel infrastructure remains financially dependent on continued support from its parent company.
They also leave an important public question unanswered: how much of CRU’s structural costs are ultimately paid at the pump, and how much remains with 2BAYS or, indirectly, the government?