WILLEMSTAD – The long-delayed plan by Global Oil Management Group (GOMG) to produce asphalt at Curaçao’s former refinery remains closely tied to developments surrounding Venezuelan crude oil, raising questions about when the project will finally become operational.
Global Oil signed an agreement with Refineria di Kòrsou (RdK), now operating as 2Bays, in 2023 to restart asphalt production at part of the refinery complex. The project was initially presented as an important first step toward bringing economic activity back to the industrial area.
The company planned to use heavy Venezuelan crude as an important feedstock for asphalt destined primarily for the U.S. market.
Global Oil President Harry Sargeant IV acknowledged in an interview with energy information provider Argus in 2025 that access to Venezuelan crude was an important factor in the Curaçao project. At the time, he said losing the ability to purchase Venezuelan crude would not necessarily kill the project but could force Global to find alternative crude and delay the startup.
The company originally expected to eventually produce approximately 1.2 million tons of asphalt annually.
The project has already experienced considerable delays. Plans presented earlier included substantial repair work at the refinery and investments in installations necessary to restart operations. The project was also expected to generate hundreds of thousands of working hours for local contractors during the rehabilitation phase.
Questions about Global’s progress have persisted for some time. In late 2025, reports indicated that an addendum submitted to Global by the Curaçao refinery company had remained unanswered for months.
The uncertainty is particularly relevant for Curaçao because Global’s arrival was initially presented as one of the first concrete steps toward generating new activity at the refinery after years of inactivity.
Global has also been involved in electricity generation at the refinery site. An agreement reached with Aqualectra allowed electricity generated by turbines GT9 and GT10 to be supplied to the utility when additional capacity was available.
The broader regional oil environment has meanwhile changed considerably, with Venezuelan oil production and exports again increasing and foreign companies returning to parts of the country's petroleum sector.
For Curaçao, however, the central question remains unchanged: when will the asphalt project move from preparation to actual production?
Neither a new definitive startup date nor updated production timetable has been publicly confirmed.