Statement

After 25 potential parties showed interest

PMO WILL CONTINUE WITH THE SEARCH FOR A STRATEGIC PARTNER FOR THE OIL FACILITIES

Willemstad August 18, 2020 – Friday August 14th was the date for submission of the expression of interest for the project Arawak. At this moment we can confirm that 25 expression of interest were received to become the operator for the oil facilities being offered.

Project Management Organization (PMO) of RDK in a new and smaller constellation is in search for strategic partners for the oil facilities of Curacao. On July 8th, the supervisory board of RDK and the council of ministers approved a continuation of the project Arawak under guidance of PMO.

On July 31st PMO through their advisor IHS-Markit issued approximately 50 teaser letters and expression of interest to parties interested in the project Arawak. This with the aim of finding long-term and strategic solutions for the refinery, the Bullenbay tank farm and utility plant CRU.

To select potential partners for RDK the interested partners must answer crucial questions on the operation and their experience in running refineries, their ability to obtain crude oil, marketing of products. In addition, the potential partners should present proof of solid financial means to comply with future financial obligations.

The mandate of PMO is to seek partners to lease, do a joint venture, sale or offer a tolling arrangement combined with one of the foregoing options. On August 21, the PMO/RDK will send out invitation letters to submit non-binding proposal for the parties with the best fit on the crucial questions posted and that can operate the oil facilities. The deadline for receiving these is set for October 8th, 2020.

RDK and the Government of Curaçao approved a new timeline. RdK will continue informing the public regularly on progress of the search for a strategic partner for the oil facilities.

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