Trinidad and Tobago is discussing a proposal with ONGC Videsh Ltd and Oil India Ltd to process Venezuelan crude at the Guaracara refinery in Pointe-à-Pierre, High Commissioner to India Chandradath Singh told Mint.
Singh said the government had proposed using the refinery, which forms part of the former Petrotrin complex, to process supplies from neighbouring Venezuela. He described the Indian companies as interested in the proposal and said the facility was undergoing renovation ahead of reopening.
The report describes discussions rather than a completed agreement. An official familiar with the developments told Mint that the companies would need to examine the proposal and assess its economic viability.
According to the report, Guaracara has a processing capacity of 165,000 barrels a day and has been shut since November 2018 because of losses and high debt. It is managed by Guaracara Refining Company, a subsidiary of Trinidad Petroleum Holdings.
The companies approached already have investment connections to Venezuela. Mint reported that ONGC Videsh holds a 40 per cent stake in the San Cristobal oilfield, alongside Venezuela’s state-owned PDVSA. ONGC Videsh also partnered with Indian Oil Corporation and Oil India in the Carabobo-1 project.
Anisur Rahman, a professor at Jamia Millia Islamia University quoted by Mint, said the proposal’s feasibility would depend on the refinery’s compatibility with the crude, transport costs, financing, crude discounts and applicable sanctions.
For Trinidad and Tobago, the immediate development is the outreach to potential partners. The report provides no completed commercial terms or confirmed date for processing Venezuelan crude at Guaracara.
