WILLEMSTAD – Curaçao’s government appears to be moving further away from the expectation of restarting traditional refining operations at the Emmastad refinery, with an official financial report stating that there is little interest in the refinery and that 2BAYS has instead chosen to transition toward terminal, storage, logistics and other service activities.
The information appears in the June 2026 Financial Management Report and second-quarter implementation report submitted by the Ministry of Finance. In its risk assessment, the government identifies the refinery as a high-impact issue and specifically addresses 2BAYS’ efforts to find an operator for Curaçao’s oil industry.
According to the report, investor interest is concentrating on the Bullenbaai terminal, while there is “little interest” in the refinery at Emmastad. As a result, the strategy has shifted from the previously envisioned production activities in the oil and gas sector toward a business model focused primarily on services.
Those activities include terminal operations, storage and logistics using the assets leased by 2BAYS.
The report also reveals that 2BAYS’ liquidity position is under pressure. One reason is that personnel were retained during the lengthy search for a new refinery operator in anticipation of a possible restart of refining operations. The government also points to Global’s failure to meet its financial obligations and says Curoil has left contractual debts to Curaçao Refinery Utilities (CRU) unpaid.
The change in strategy could have significant consequences for refinery workers. The report warns that the workforce currently available at CRU may not fully match the skills required for the new jobs created under a service-oriented business model. There may also be a mismatch between when existing workers become available and when new positions are created. The government therefore says a reorganization will be necessary.
At Bullenbaai, however, the picture is considerably more positive. The government reports that the terminal is fully operational for its available storage capacity following the reopening of the Venezuelan market in January. Operations there are being carried out under the responsibility of CRU.
According to the report, the current strategy is increasing the market value of the Bullenbaai terminal, which could benefit 2BAYS if an external operator is eventually recruited.
2BAYS is also focusing on the Emmastad terminal, which the report says is needed to serve Curoil and safeguard Curaçao’s fuel supply under what it describes as “Plan B3.” Meanwhile, a joint venture involving local companies began ship-repair activities at Emmastad during the second quarter of 2026 for vessels weighing up to 400 tons.
Other services now being offered by 2BAYS include ship-to-ship transshipment, lending and vessel lay-up services, areas where the government says demand is increasing. 2BAYS and CRU are also exploring additional commercial opportunities with specialized local and international companies.
The findings provide one of the clearest official indications yet that Curaçao’s refinery strategy is changing. Rather than relying primarily on the return of large-scale refining at Emmastad, the government-owned infrastructure is increasingly being positioned around Bullenbaai, storage, logistics, maritime services and other commercial activities.
The document, however, does not mention 2BAYS director Patrick Newton by name. Searches of the complete 107-page report for “Newton” and “Patrick” returned no references. Therefore, the report supports conclusions about the strategy being pursued by 2BAYS, but it does not attribute that strategy personally to Newton.