Americas News
Growth in Bunkering Activity Helps Curoil to 60% Increase in Profits for 2014
An increase in bunkering activity has helped Curacao Oil NV (Curoil) lift its profits 60 percent during 2014, a gain of nearly AWG 15 million ($8.38 million) to AWG 40 million ($22.6 million), local media reports.
The increased earnings were said to be largely due to growth in international bunker trade, which has meant a growing number of international customers and increased business from existing clients.
New environmental regulations, which have increased the sales of low sulfur diesel, were also said to have played into Curoil's favour.
Curoil's management said the strong profit growth was a reflection of the company's solid and trusted position in the market.
Financial statements reportedly show that oil and gas contributed AWG 81.8 million ($45.7 million) in taxes and excise duties to Curaçao's state budget in 2014.
Last year Curoil added to its fuel trading team in January and December, as well as expanding its bunkering options with the reintroduction of the bunkering vessel Curoil II.
In January 2014 the supplier also successfully completed its first inshore bunkering operation in the harbour of Oranjestad, Aruba, saying it was "one more step forward towards market expansion in the Caribbean."
In March it was reported that Curoil has been continuing to strengthen its position as a bunker supplier in the region.
