A possible restart of Trinidad and Tobago’s Pointe-a-Pierre refinery is being linked to renewed interest in Venezuelan crude supplies, according to the Energy Chamber of Trinidad and Tobago.
In a recent statement on its website, the Chamber noted that while discussions have largely focused on importing natural gas from Venezuela, particularly around the Dragon gas field, the country’s long-standing ties to Venezuelan oil underscore how a recovery in Venezuela’s oil sector could support a refinery restart.
The refinery, the Energy Chamber said, “has a capacity of approximately 175,000 barrels of oil per day” and “domestic production from T&T alone could not meet this demand; therefore, imports were necessary to keep the refinery operational”.
The Chamber noted, “If the refinery does restart, as everyone in the industry hopes, then the refinery operators will have to find new sources of crude to import. A revitalized Venezuela oil industry could potentially be one source.”
Historically, Trinidad and Tobago imported large volumes of Venezuelan crude to support operations at the now-mothballed Pointe-a-Pierre refinery. In 2000, Venezuela supplied more than 18 million barrels of crude to T&T— accounting for over half of the country’s imported crude at the time. This equated to roughly 50,000 barrels per day, a level similar to current domestic production.
The Energy Chamber explained that Venezuelan crude was used both as refinery feedstock and for export products such as lube oils. Some volumes were also stored or re-exported through the Point Fortin terminal and tank farm.
“Annually, the country imported around 30 million barrels (over 80,000 barrels per day) of crude from sources around the world, including Venezuela, other parts of Latin America, Canada, Russia, and Africa. There were some volumes from Venezuela that were imported, stored, and re-exported using the Point Fortin terminal and tank farm. There was also Venezuelan crude that was processed at Pointe-a-Pierre to create lube oils for export,” the Chamber said.
The discussion comes as U.S. Energy Secretary Chris Wright recently disclosed plans to leverage control over Venezuela’s oil exports and the revenues generated by the country.
Speaking at a January 7 press conference in Washington, Wright said the approach forms part of the United States’ broader strategy to drive political and economic change in Venezuela.
Leveraging oil exports key to getting change in Venezuela – U.S. Energy Secretary | OILNOW
Meanwhile, the Pointe-a-Pierre refinery has remained mothballed since 2018, following the restructuring of Petrotrin, Trinidad and Tobago’s former state-owned oil company. Petrotrin’s upstream operations were transferred to Heritage Petroleum, while the refinery was earmarked for lease or sale.
This marks Trinidad and Tobago’s second attempt to secure an investor for the facility. Four international companies were most recently shortlisted, with bids submitted for evaluation.
T&T eyes preferred bidder for Pointe-a-Pierre refinery | OILNOW
