WILLEMSTAD – The government of Curaçao is placing strong emphasis on positioning the island as a maritime hub, with the port emerging as a cornerstone of economic policy. In contrast, the refinery — once one of Curaçao’s main economic pillars — receives only minimal attention in the 2026 budget memorandum.

In the 412-page budget document, the word “refinery” appears only twice: once to note its closure in 2019 and Curaçao’s resulting dependence on importing oil products from international markets — leaving the island vulnerable to fluctuating oil prices — and again to highlight that traditional industries such as refining and financial services have diminished significantly in recent years.

Terms such as Isla, Asphalt, Global Oil, Vigor, Emmastad, and Bullenbaai are absent altogether. The state-owned company Curoil is mentioned only once, in connection with projected annual dividend revenues of 7 million guilders from Curoil and Curaçao Airport Holding starting in 2026.

By contrast, the terms port, port sector, port services, and maritime appear repeatedly, underscoring the government’s shift in focus.

According to the budget memorandum, the government is prioritizing modernization and digitalization in the port sector. Traditional e-zones will be transformed into Special Economic Zones (SEZs) designed to attract foreign investors. These zones are intended not only to be more appealing to international capital but also to serve as hubs for sustainable maritime industries such as ship maintenance and repair, logistics, and niche manufacturing.

Plans also include the development of a small vessel terminal and improvements in port services, all aimed at firmly establishing Curaçao as a leading maritime hub in the Caribbean.

Port development is identified as one of the government’s spearheads for economic diversification. Efforts will focus on strengthening the entire maritime cluster, which includes the modernization of the ship registry (flag state), upgrading port infrastructure, and digitalizing port operations alongside the SEZ transformation.

With this policy direction, the government is signaling a clear pivot away from the refinery-centered economy of the past toward a future anchored in maritime innovation and regional connectivity.