For years, the people of Curaçao have heard the same promise: the refinery would reopen, more jobs would be created, and the former Isla complex would once again become an important engine of our economy.
But reality has changed.
The government’s latest financial report, from June 2026, shows that there is little interest in the refinery at Emmastad. Interest from potential operators is focused mainly on Bullenbaai. As a result, 2BAYS is shifting its focus away from the original production-oriented plan and moving increasingly toward terminal operations, storage, logistics and other maritime services.
This is not a minor detail. It represents a major strategic shift.
The People Deserve the Truth
If a traditional refinery is no longer economically viable, the government must say so clearly and without ambiguity.
We cannot continue waiting for the next operator. We cannot continue talking about a possible refinery restart without a solid business plan demonstrating that such a project can actually be profitable.
The financial report also shows that 2BAYS is under liquidity pressure. For years, the company maintained its workforce in anticipation of a possible refinery restart. In addition, the report states that Global failed to meet certain financial obligations and that Curoil has outstanding contractual obligations toward CRU.
This is not simply a matter involving an ordinary company.
These are public assets and, ultimately, public money.
Bullenbaai Shows a Different Reality
On the other hand, there is positive news.
Bullenbaai is making use of its available storage capacity, and the government says the terminal is seeing increased activity following the reopening of the Venezuelan market. CRU is responsible for these activities. There are also developments in services such as ship-to-ship operations, vessel lay-up and ship repair.
This could become a promising direction for our economy.
But now we need to see the numbers.
How much revenue is Bullenbaai generating? How much of that becomes profit? How many jobs are being created? How much investment is required? And how much economic value does it actually generate for Curaçao?
A new activity does not automatically mean that we have found a new economic engine.
What Happens to Emmastad?
Here, too, we need to be realistic.
A traditional refinery is becoming less realistic by the day. But that does not mean Emmastad has no value.
The Emmastad terminal remains important for Curaçao’s fuel supply. At the same time, new maritime activities are emerging and alternative uses are being explored for the industrial site.
The question, therefore, should no longer simply be:
When will the refinery reopen?
The question should be:
What is the best and most profitable use of Emmastad?
Workers Cannot Be Left to Pay the Price
The transition toward a service-oriented company also has consequences for employees.
The government says the current CRU workforce may not possess all the knowledge and skills required for the new activities. A reorganization is therefore considered necessary.
This is a serious matter.
Workers cannot be expected to spend years waiting for a refinery restart that may never happen, only to find themselves in difficulty when the strategy eventually changes.
Retraining, reassignment and timely communication must be part of this transition.
VIGOR and Global Must Be Lessons, Not Footnotes
The VIGOR/ORYX experience should teach Curaçao something. The contract ended after the company failed to meet its obligations. According to 2BAYS, the outstanding debt eventually reached approximately US$12 million.
Global has also been mentioned because it failed to meet certain financial obligations.
We should therefore not simply ask:
Who will be the next operator?
The more important question is:
How does Curaçao select its partners, and how do we protect ourselves before signing another agreement?
Due diligence, financial guarantees, clear contractual conditions, payment security and an effective exit mechanism if a partner fails to perform are essential.
These are not formalities. They are necessary safeguards for public assets.
The Next Step Cannot Be Another Promise
The future of the former Isla complex may no longer lie in a large traditional refinery.
Its future could instead consist of a combination of Bullenbaai, petroleum storage, logistics, maritime services, ship repair, asphalt production and other industrial activities.
That does not have to represent defeat.
It could represent a well-planned economic transition.
But if that is the direction Curaçao is taking, the government must present a comprehensive economic plan.
With numbers.
With investment.
With concrete partners.
With jobs.
With profits.
And with clear deadlines.
Curaçao has waited long enough for the next promise.
The refinery dream may be over.
But the bill for that dream has not disappeared.
Now is the time to tell the people clearly what will happen with Emmastad and Bullenbaai — and, above all, what this new strategy will actually deliver for Curaçao.
Not another dream, but a business plan that works.
Drs. Luigi A. Faneyte MSc. CFE CICA CCS
Economist, financial expert and adviser to the PAR parliamentary faction