Valero Energy Corp. says it will convert its shuttered oil refinery on the southern Caribbean island of Aruba into a storage facility.

The San Antonio, Texas-based company suspended refining operations in March at the Aruba refinery, which once had a capacity of about 275,000 barrels a day.

But on Monday, Valero announced that it had decided to reorganize the unprofitable site into a terminal operation.

The company says its local subsidiary has notified employees that they will require a significantly smaller workforce. It’s not immediately clear how many workers in Aruba will be let go.

Government officials and a spokesman for the Independent Oil Workers Union of Aruba did not immediately return calls for comment on Monday.