WILLEMSTAD – Government-owned company 2Bays has terminated its contract with Vigor for the management and operation of the Isla and Bullenbaai facilities with immediate effect, citing structural non-performance and a mounting multi-million dollar payment backlog. The decision follows months of escalating financial problems and earlier enforcement measures by 2Bays.
The termination was explained during a press conference by Prime Minister Gilmar Pisas and 2Bays interim director Patrick Newton. According to management, 2Bays made sustained efforts to bring Vigor into compliance with its obligations under the long-term contract, but those efforts failed to produce results.
Vigor has now been formally informed that the 30-year agreement is being ended due to repeated breaches of contractual commitments related to the operation of Emmastad and Bullenbaai. The outstanding amount has reportedly risen to approximately 12 million US dollars, including arrears for January. In addition to the payment backlog, essential maintenance work at the facilities was not carried out, according to 2Bays.
Newton described the termination as a necessary step to halt what he called a pattern of continued non-compliance. Prime Minister Pisas emphasized that, as shareholder, the government bears responsibility for safeguarding the financial position and continuity of 2Bays. He reiterated that the mandate of the company remains to keep the facilities operational and to diversify activities on the approximately 700-hectare site.
During the press conference, Pisas again mentioned Venezuela’s state oil company PDVSA as a potential future partner, while stressing that any cooperation must be financially sound and legally defensible.
The breakdown in relations did not come as a surprise. In the months leading up to the termination, 2Bays had already temporarily suspended services to Vigor after repeated payment failures. Shortly thereafter, the government company seized fuel and other Vigor-owned products as collateral for the growing arrears, underlining the severity of the financial strain on the partnership.
Despite the collapse of the agreement with Vigor, Newton said earlier efforts to attract new users to the petroleum facilities should not be seen as unsuccessful. Parts of the site have already been leased to the US-based company Global Oil, which, according to Pisas, has demonstrated a more concrete willingness to invest, with a commitment of 23 million US dollars.
Global Oil had previously entered an evaluation phase after losing its license in March 2025 from the OFAC, a setback that had earlier stalled attempts to restart oil-related activities on Curaçao.
With Vigor no longer involved, 2Bays says it aims to create room for a more stable and legally sustainable continuation of activities at the Isla site, following a period in which ambitions and operational reality increasingly diverged.