WILLEMSTAD – MFK faction leader David Seferina is calling for an independent evaluation of the management and performance of 2Bays before the company is given an even larger role in the future redevelopment of Schottegat, Bullenbaai and Emmastad. During a parliamentary debate on Tuesday, Seferina said Curaçao has given the government and 2Bays the “benefit of the doubt” for years, but that the time has come to demand concrete results and accountability.
Seferina acknowledged that the government inherited an extremely difficult situation following the departure of PDVSA. International sanctions, stricter environmental requirements and changing air-quality standards have made it impossible to simply restart the refinery as it operated in the past.
However, according to the MFK faction leader, those circumstances cannot indefinitely explain the lack of tangible results.
“The benefit of the doubt is not a blank check,” Seferina told Parliament. He said that after roughly four years, lawmakers have an obligation to ask what has actually been achieved and who bears responsibility for the results so far.
CPR, Vigor and questions about due diligence
Seferina reviewed several attempts to find commercial partners for the former refinery infrastructure.
He first pointed to the failed negotiations with Curaçao Professional Refinery (CPR). According to government responses cited by Seferina, documents relating to proof of funds were found to have been falsified during that process. The government has maintained that this was detected in time, preventing potentially greater damage.
Seferina said that after the CPR experience, he expected 2Bays to significantly strengthen its due diligence procedures before entering into agreements with another investor.
That next major partner became Oryx Midstream, later Vigor Midstream. According to Seferina, 2Bays signed a lease agreement with the company on July 1, 2024.
But the relationship eventually deteriorated. Seferina said Vigor failed to pay rent for six months, from July 2025 through January 2026. He cited monthly lease amounts of USD 416,667 for Bullenbaai and USD 250,000 for Emmastad, resulting in approximately USD 4 million in unpaid rent.
In addition, CRU had operating expenses of around USD 1 million per month that had to be covered by 2Bays. According to preliminary 2Bays figures cited by Seferina, the total outstanding financial exposure eventually reached approximately USD 10 million.
The MFK faction leader stressed that his criticism was not limited to Vigor.
He questioned why the situation was allowed to continue for six months and asked when 2Bays management informed the government and its Supervisory Board that Vigor was failing to meet its contractual obligations.
“If a company does not pay rent for one month, you have a problem. Two months, the problem becomes serious. Three months, you have to take action. But we are talking about six months,” Seferina argued.
2Bays ultimately terminated the agreement with Vigor on January 8, 2026, because of non-compliance. Seferina wants the government to determine whether that decision should have been taken earlier.
Who evaluates 2Bays?
Seferina subsequently turned his attention to corporate governance.
He asked what key performance indicators, or KPIs, had been established for 2Bays management between 2022 and 2026, who evaluates management's performance and what concrete results the government can present to demonstrate that the company's leadership has performed satisfactorily.
According to Seferina, Curaçao cannot simply blame an unsuccessful commercial partner every time a project fails and then move on to the next candidate.
“At some point there must be an evaluation of the organization that selects the partners, negotiates the contracts and supervises the operation,” he said.
Global Oil becomes next test
Seferina also raised questions about Global Oil and the proposed asphalt operation.
According to his presentation, Global entered into an agreement for asphalt production for both export and the local market and has invested approximately USD 24 million since 2023. The project stalled after its OFAC license was revoked in March 2025.
With General License 46 now in place, Global has indicated that it can resume activities, while 2Bays is still evaluating how the agreement could continue. According to the government information cited by Seferina, another approximately USD 40 million would be required to restart the asphalt train.
Seferina therefore wants to know whether Global actually has access to that money, whether proof of funds and bank guarantees are available, when 2Bays intends to make a final decision and what the government's alternative will be if Global cannot proceed.
After the experiences with CPR and Vigor, he said, Curaçao cannot afford to enter a third process only to discover years later that the selected partner was unable to deliver.
250 CRU workers need answers
The future of approximately 250 CRU employees was another central issue in Seferina's address.
According to government responses cited by the MFK faction leader, the government does not intend to send the employees home. Instead, 2Bays is developing a transition plan intended to create employment through new energy-sector activities and the redevelopment of Schottegat, Bullenbaai and Emmastad.
Seferina said he supports that objective but warned that employees cannot continue living on promises.
“The 250 workers cannot live only on hope. They have families. They have mortgages. They have obligations that have to be met every month,” he said.
He therefore asked the government to specify what employment prospects the workers have for 2027, which parts of the transition plan have already been approved, which projects will generate jobs, how many jobs are expected and when those jobs will become available.
Bigger role for 2Bays raises bigger questions
Despite his criticism, Seferina said he remains convinced that Schottegat and Bullenbaai have an economic future.
He pointed to opportunities in storage, blending, upgrading, asphalt and specialized petroleum products. He also referred to the government's broader plans for Schottegat, including a proposed “one landlord” model under which land would be consolidated under a new public entity while 2Bays would serve as the implementing organization.
That proposed expansion of 2Bays' responsibilities is precisely why Seferina believes its performance must first be independently assessed.
He called for a review that goes beyond the company's finances and examines management performance, partner selection, due diligence, risk management, contracts, supervision, results and accountability.
“You cannot give an organization a larger mandate without first evaluating the performance of 2Bays' management,” Seferina said.
The MFK faction leader said success should no longer be measured by how many potential partners Curaçao has negotiated with. Instead, it should be measured by whether jobs are created, projects actually start, contracts are honored, 2Bays generates economic value for Curaçao and CRU employees gain greater certainty about their future.
Seferina supports the government's ambition to use Schottegat to diversify Curaçao's economy and reduce its dependence on tourism, describing the need for a strong “second economic engine.” But he said that ambition must now be accompanied by measurable performance.
He concluded by asking how much more time the government is prepared to give 2Bays to produce concrete results and whether it will order an independent evaluation before giving the company new responsibilities under the proposed one-landlord model.
“Curaçao's people have given the benefit of the doubt,” Seferina concluded. “Now the people have the right to concrete results.”