Curaçao Oil Refinery Utilities (CRU) has signed a tank storage agreement with U.S.-based oil, gas and mining company SPS Drilling E&P to store crude oil at the Bullenbaai terminal in Curaçao in the Dutch Caribbean.

The deal was reportedly signed following a competitive bidding process. The agreement will help to revitalise the Bullenbaai terminal, which together with a nearby refinery, is owned by Refineria di Korsou (RdK).

The refinery and terminal have been largely abandoned since the Venezuelan state oil firm PdV, (which formally ran the complex), pulled out following political turmoil in Venezuela.

A deal with Klesch to take over operating the assets collapsed in December 2019, and CRU and RdK have since spent more than $2.8 million to bring some of the tanks back into use. The terminal now has a useable storage capacity of 5.8 million bbl of oil.

CRU and RdK say they will use the revenue generated through leasing storage capacity at the site to third parties to continue upgrading the rest of the terminal, on maintenance, and to pay staff costs.

CRU CEO David Haseth said: “We are glad that we achieved with the efforts of all this important milestone to continue with the terminal services at Bullenbaai as was the case in the recent past. Our employees are looking forward to soon receive the first tankers here at Bullenbaai bringing oil and oil products.”

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21st September 2020