The 450 million dollar agreement between Curacao and Venezuela to rehabilitate RdK remains to be seen, while the investigation against former minister Tellechea develops
He arrest on corruption charges of former Oil Minister Pedro Rafael Tellechearaises significant doubts about the stability of trade relations between Venezuela and Curaçao, particularly with regard to agreements related to the Isla Refinery and Caracas’ persistent debt obligations to Willemstad.
Tellechea, who was detained along with several close collaborators, is accused by the Public Ministry of allegedly transferring the automated control system of Petróleos de Venezuela (Pdvsa) to an entity supposedly linked to United States intelligence.
Over the years, Curacao has attempted to establish several agreements with Venezuelan entities and intermediaries for the management of the Kòrsou Refinery (RdK). The last failed test was carried out by the company Caribbean Petroleum Refinery (CPR), directed by Venezuelans Raúl Ignacio Socorro Herrera, Javier Hernández and Luis Giusti, former president of PDVSA.
Pdvsa operated the Isla refinery from 1985 until December 2019. The Curacao company has suffered the impact of the drastic drop in oil production in Venezuela, a collapse that has its origin in the mismanagement of the Venezuelan state company and the effect of sanctions imposed by Washington.
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Almost a year ago, in December 2023, Tellechea traveled to Willemstad to sign an agreement in order to reactivate trade relations between Venezuela and Curacao. Petróleos de Venezuela detailed that the agreement signed by the parties “established the general agreements for the reestablishment of commercial and financial operations between the oil companies” of the two countries.
“The agreement will have a favorable impact on the economies of both countries, since it would be associated with the reactivation of the old Isla Refinery, with a processing capacity of 335 thousand barrels per day,” Tellechea stressed. At the same time, he highlighted that “with this agreement, relations between both companies are normalized, pending labor commitments will be resolved, so that in the future we will have the guarantee of new jobs on the island, economic benefits and the recovery of Curacao’s role as an ally.” PDVSA’s strategic strategy.
The 450 million dollar agreement between Curacao and Venezuela to rehabilitate RdK remains to be seen, while the investigation against former minister Tellechea develops; However, his arrest could further complicate the partnership, leading to delays and possible revisions to the strategy or management of the refinery deal.
In a broader context, Venezuela’s debt to Curaçao—which includes energy expenses, labor liabilities and other financial obligations—could face greater uncertainty as trust in Venezuelan state representatives continues to erode.
The Curaçao government, led by Prime Minister Gilmar Pik Pisas, has faced questions for entering into agreements with questionable partners for the revival of RdK, as was the case with Caribbean Petroleum Refinery. Critics warn that a new failed international partnership would put one of the island’s most valuable assets in a vulnerable position.
This situation may pressure Curacao to seek new terms with Venezuela to ensure accountability and avoid financial losses. This new scandal highlights the need for the Curaçao government to reevaluate its partnerships with PDVSA and potentially increase safeguards around its most critical resources.
Tellechea’s arrest, combined with ongoing sanctions and corruption allegations, underscores the fragility of Curaçao’s dependence on Venezuela for oil and energy-related contracts, a situation always exposed to Venezuelan internal turmoil and strained relations with USA.
With information from Caribbean Chronicles
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