WILLEMSTAD – With repeated attempts to restart refinery operations failing, Curaçao’s state-owned company 2Bays Curaçao is studying alternative industrial uses for the Isla refinery and the Bullenbaai oil terminal.
According to a policy note from the Ministry of Finance, the company has been examining options for some time to develop new economic activities at the site that could generate employment and make use of the island’s existing energy infrastructure.
The plans are still being worked out and will eventually be discussed with the government, which is the shareholder of 2Bays.
The developments come after the breakdown of an agreement with Vigor Group, which had been selected to manage and operate the facilities under a long-term lease. The deal collapsed after the company failed to fulfill certain financial commitments, leading 2Bays to suspend services and eventually terminate the lease earlier this year.
At the same time, the government says geopolitical developments in the region—including changes involving Venezuela—may create new opportunities for oil storage and transshipment activities, particularly at the Bullenbaai terminal.
However, officials also warn that the situation must be viewed realistically. Major players in the global oil and gas industry remain cautious about investing in older refinery infrastructure.
Another concern is the shrinking workforce at Curaçao Refinery Utilities (CRU). According to the Finance Ministry, staff numbers have been significantly reduced, raising the risk that sufficient skilled workers may not be available if refinery operations were ever restarted.
The government says the challenge now is to identify a sustainable economic future for the industrial port that can provide jobs while adapting to changing realities in the global energy market.