In the 1960s, only the international energy giants Shell, Esso and Texaco were in charge of the import and distribution of fuel products to and in Suriname.
On 9 October 2001, a merger was effected between the American energy companies Texaco and Chevron, with a new company being created: Chevron/Texaco. Four years later, on 9 May, this name changed to Chevron while maintaining the three brands: Chevron, Texaco and Caltex.
In 2009, Chevron decided to sell its service station business in Latin America and the Caribbean. The name of the branch office of Texaco in Suriname also changed to Chevron, but it continued to use the Texaco brand.
In September 2011, Chevron ceased its operations in Suriname. In that year, Staatsolie Maatschappij Suriname N.V. (Staatsolie) reached an agreement with them, for Suriname. Under the agreement, Staatsolie took over all of Chevron's assets, activities and liabilities, such as the 21 service stations operating under the Texaco name, an aviation fuel facility, an import terminal and two fuel depots. The aforementioned assets were placed in a public limited company under Suriname law, named Suritex N.V. (Suritex), because Texaco/Chevron, as a foreign company, was not allowed to have assets in Suriname. Staatsolie took over the shares and thus became the owner of a new subsidiary ‘Suritex’, and was allowed to use the trade name Texaco until 31 August 2012.
In December 2013, Suritex changed its name to GOw2 Energy Suriname N.V. By buying up Chevron's facilities, Staatsolie had facilities to sell the fuels directly. As of 13 December 2015, the locally produced gasoline and diesel have been marketed under the brand name GOw2.
The name GOw2 stands for GOWTU which means 'gold' in Sranan. This in turn is related to 'black gold', the petroleum that constitutes the basis for this company's energy fuels. It also stands for the English Go To, which can be interpreted as 'going somewhere'. This could be a destination, going ahead or it could also refer to the future.