Published On: Mon, Nov 21st, 2016

Heads of Agreement signed with Guangdong Zhenrong

signing1WILLEMSTAD – The Government of Curaçao, represented by Prime Minister Dr. Bernhard Whiteman, together with the director of the public company Refineria di Korsou N.V. (Curaçao Oil Refinery Inc.). Jose van der Wall-Arnemann, last Saturday, November 19, signed a Heads of Agreement with the companies Guangdong Zhenrong Energy Co. Ltd (GZE) and China Zhenrong Holding Limited (CZR), both represented by Mr. Chen Bingyan.

The Government already has a Memorandum of Understanding (MoU) with GZE. CZR is a company that GZE will establish in Curaçao to execute projects that will crystallise from final future contracts between the parties.

The objective of the Heads of Agreement is for GZE to invest in the modernization and upgrading of the refinery and signingCuraçao Refinery Utilities (CRU) for these to be able to comply with the highest environmental norms. As was already announced, this will be accomplished by introducing the use of natural gas as fuel, which will reduce the impact on the environment by 80%. The oil terminal at Bullenbaai will also be upgraded. All these investments will make the refinery, CRU, and the oil terminal more modern and sustainable. The contract is long term and GZE will pay combined tariffs that consist of fixed and variable portions.

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