WILLEMSTAD – The oil stored in the tank at Bullenbaai is poised for another round of auctioning as the initial buyers failed to meet their payment obligations.

The second-highest bidder from the initial auction now has until Friday afternoon to complete the payment; otherwise, the oil will be subjected to a new round of bidding.

This development revolves around the fuel oil originating from Caribbean Petroleum Refinery (CPR), which, due to financial irregularities, lost a legal dispute against Refineria di Kòrsou. The volume at stake is a substantial 496,028 barrels.

While I&E Petroleum Group emerged as the winning bidder in the first auction, they faltered in fulfilling the required payment of $28.6 million, as outlined in the auction terms. The Dutch consortium, the second in line with the opportunity to acquire the oil in case of non-payment, also has until Friday afternoon to meet the financial obligations. Should they fail, the auction is scheduled to reconvene on December 6.

The overall valuation of the oil stands at approximately $25 million. Furthermore, CRU/RdK is still awaiting $8 million in overdue rent, with any remaining funds slated to be allocated to CPR.

Bron: Daily Herald