The Strategist

PDVSA agrees to resume commercial relations with Curaçao refinery

12/21/2023 - 09:21

Petroleos de Venezuela SA (PDVSA), the state-owned Venezuelan oil corporation, and the Curaçao Refinery (Refineria di Korsou, RDK) have signed an agreement to reestablish financial and commercial ties.

"The agreement establishes the general conditions for the restoration of commercial and financial operations between the state-owned oil companies, including considering the possibility of storing Venezuela's oil in facilities on the Caribbean island."

"The agreement will have a favorable impact on the economies of both countries as it relates to the reactivation of the old ISLA refinery with a processing capacity of 335,000 barrels per day," the statement reads.

It is anticipated that the deal will normalize ties between the firms, settle all obligations-related disputes, and open the door for PDVSA and Curaçao to collaborate economically and strategically as well as to create new jobs on the island.