Venezuela May Buy Curaçao Refinery

Venezuela’s state-owned oil company PDVSA has reportedly offered $1.5 billion for a 49% stake in an oil refinery in the Caribbean island of Curaçao, part of the Netherlands Antilles. PDVSA currently leases the Isla refinery from the government and has a contract to do so until 2019. The refinery processes 320,000 barrels of oil per day but large investments are needed to ensure the facility remains profitable and to keep it up to date with environmental requirements.