EXTENSION OF TWO WEEKS TO SUBMIT THE BINDING PROPOSAL
Willemstad November 27, 2020 – In a press release issued on October 29th, Refineria di Kòrsou (RdK) informed the community regarding the status of the process of finding a new strategic partner for the refinery assets in Curaçao.
RDK informs that in accordance with the timeline for the Project Arawak, Project Management Organization (PMO) reached the final stage during which it will receive and evaluate the binding proposals from the parties that were short-listed in this process. Following requests from several parties, RDK agreed to extend the submission date, which was set on November 27th, to upcoming December 11th. The main reasons for this deferral lies in the fact that some interested parties need more time to prepare a proper and balanced binding offer, post questions to PMO/CRU, finalize their due diligence and for the parties that have formed an international consortium to finalize their internal approval process.
The evaluation committee will take approximately one week after December 11th, to evaluate the various proposals and prepare their final advice which then will be presented to the Board of Directors, the Supervisory Board of RDK and the Council of Ministers.
By the third week of December, RDK will officially announce which party was selected as the preferred bidder. Agreements have to be signed between RdK and selected partner on the conditions of participation/financial commitments, as well as an agreement between the government and the selected partner on the conditions to manage and operate the oil facilities in Curaçao. Negotiations with the preferred bidder will start immediately in December and these negotiations are expected to continue in January and February.
RDK will continue its efforts to keep the community informed on developments regarding this important process concerning the oil industry of Curaçao.