Nearly half a million oil barrels stored in Bullenbaai are up for auction.
WILLEMSTAD - The oil is being auctioned due to unpaid barrel rental fees. Following the auction, the buyer will be responsible for the storage costs of the oil. The buyer should also negotiate with the executing party and the custodian, Curaçao Refinery Utilities (CRU), regarding the payment of storage costs from the auction onwards and the transfer of the oil to a tanker rented by the buyer.
Earlier reports indicated that Caribbean Petroleum Refinery (CPR) owes CRU $8.2 million. CPR and CRU signed a storage agreement on August 2, 2022, allowing CPR to use eleven storage tanks in Bullenbaai owned by CRU. Consequently, CPR owed CRU $1.2 million monthly.
After the attachment on the oil tank was lifted in early July, it was announced at the end of September that the auction would take place in November.
The auction is scheduled for November 1 and will be held at Club Oleander.