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Curacao ends contract with PDVSA to operate Isla refinery

January 14/2020

MOSCOW (MRC) -- Venezuelan state oil company PDVSAs contract to operate Curacaos 335,000-barrel-per-day Isla refinery ended on Dec. 31, despite an earlier agreement to extend the contract by the end of 2019, reported Reuters with reference to the Caribbean islands authorities.

Earlier last month, the two parties reached a deal for PDVSA to remain for up to a year as state refining company Refineria de Koursou (RdK) continued to search for a new operator. But in the last week of December RdK and industrial commodities conglomerate Klesch Group finalized a deal to take over the refinery.

Prime Minister Eugene Rhuggenaath said PDVSA had not agreed to Curacaos proposals that it continue to operate the refinery for three to six months, rather than one year.

"There will be no transition with PDVSA," Rhuggenaath told reporters late on Sunday night. "We have not received a reasonable proposal from PDVSA."

PDVSA did not immediately respond to a request for comment.

Islas managing director Marcelino de Lannoy said RdK would take over operations at the refinery for at least six months until Klesch can take charge.

As MRC informed before, in May 2019, Curacaos state-owned Isla oil refinery received an exemption from US sanctions on PDVSA, the Caribbean islands government said in a statement. The US Treasury Department slapped sanctions on PDVSA in late January in a bid to force out socialist President Nicolas Maduro, who has overseen a collapse in the OPEC member nations economy. The license for the refinery, along with two other related companies, will allow the facility to continue to do business with US companies through Jan. 15, 2020.
Author:Margaret Volkova
Tags:crude and gaz condensate, Venezuela, USA.
Category:General News
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