Venezuela to Settle $450 Million Curacao Refinery-Debt Dispute

Venezuela agreed to send oil to Curacao’s Isla refinery for the next decade to settle a $450 million debt dispute.

Under the agreement announced Tuesday, state-owned Refineria di Korsou will receive oil and refined products from Petroleos de Venezuela to resell and retain an undisclosed percentage of the proceeds to collect the debt.

PDVSA also will pay $21 million in advance to cover outstanding labor commitments. Curacao Prime Minister Gilmar Pisas said the agreement includes plans for a natural gas pipeline to be built between the nations next year.

“We’ve been talking about gas for a long time,” Pisas said ...