Redevelopment of the Refinery Site a Serious Option

In the recently leaked ECOR YS report of March 2012, “A sustainable future for Curaçao – Strategic options for Isla and the Isla site,” it was concluded that an upgrade (modernization) of the Isla refinery is technically, commercially and financially viable. The general conclusion that can be drawn from this report is that the redevelopment of the Schottegat area is at least as economically profitable as the development of alternative areas on the island and will probably generate a higher welfare. The refinery, which is run by Venezuelan state oil company, PDVSA , produces 335,000 barrels of oil products per day. According to the inspection report, “A key recommendation is to start the search for potential investors and operators immediately, and at the same time, start getting into position to close the Memorandum of Understanding with PdVSA before the contract expires in 2019.”