The Government of Curaçao ("Government of Curaçao") owns an oil refinery and an oil terminal ("Oil facilities") through its wholly controlled limited company Refineria di Kòrsou N.V. ("RdK"). These Oil facilities are operated by a subsidiary of Petróleos de Venezuela S.A. ("PDVSA") under long-term lease agreements that expire on December 31, 2019. The Government of Curaçao and the RdK are looking for one or more strategic partners that will use, operate, maintain and modernize the refinery and the terminal under a new long-term lease, beginning on January 1, 2020. The Oil facilities are an important contributor to the local economy. Therefore, uninterrupted operations are a primary objective of the Government of Curaçao.

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.

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