21-05-2021

CORC agree to take over petroleum facilities in Curaçao from Refineria di Kòrsou

Refineria di Kòrsou (RdK) and CORC B.V. signed a ‘Draft Deed’. This important agreement lays the foundation for management and operation of the refinery, the utility plant and the terminal at Bullenbaai. In addition to the ‘Draft Deed’, the parties signed a ‘Binding Closing Agreement’ which contains the conditions which CORC must comply with prior to the handover of the facilities.

In the ‘Draft Deed’ the parties agreed upon all details needed in order for the hand-over of the petroleum facilities to take place. Upon approval by the Supervisory Board of Directors of RdK and the Government of Curaçao (as RdK’s shareholder) the deed will be formalized by a notary public.

The two parties also agreed on a ‘Binding Closing Agreement’.  This agreement contains the conditions which CORC will have to comply with prior to the definitive handover of the facilities.  An example of these conditions is the Government Agreement which contains various aspects like compliance with local nuisance laws and fiscal facilities.  Agreements will also have to be reached with other government-owned entities that provide service to the facilities or entities that depend on the facilities to provide services to our community.  

The negotiations between RdK and CORC started at the beginning of this year, following a rigorous binding process, through which CORC was selected as the preferred partner to conduct negotiations with.  The signing of the ‘Draft Deed’ and the ‘Binding Closing Agreement’ marks the end of the negotiation between RdK and CORC. CORC will now continue negotiating team of the Government of Curaçao.

Both the Management of RdK as well as CORC are pleased to have reached this important agreement regarding the handover of the management and operations of the oil facilities of Curaçao while headed towards a new and prosperous future.