The rapidly deteriorating situation in Venezuela and also the financial and operational impediments to PDVSA's business activities, present a near term risk to the continued operations of the Oil facilities by PDVSA itself. Therefore, the Government of Curaçao and the RdK are seeking one potential partner – or multiple potential partners – to ensure that the Oil facilities will continue to operate for the duration of the current lease. Meanwhile, the search goes on for an operator beyond December 2019. This project is executed under the code name "Project Arawak".
Fortunately situated outside the Caribbean hurricane belt, the Oil facilities lay favorably in major international crude oil and refined products trade lanes. They provide a physical platform for trading and for manufacturing, as well as an opportunity to access refining facilities that comply with the new IMO 0.5% S bunker rules, when these get implemented as of January 1, 2020.