Business · Companies · 3 hrs ago
Trinidad and Tobago discusses Venezuelan crude processing with Indian oil firms
Trinidad and Tobago is discussing a plan with two Indian oil companies to process crude from neighbouring Venezuela.
The proposed partners are state-run ONGC Videsh and Oil India, and the plan would use the Guaracara refinery in Pointe-à-Pierre.
The refinery is being renovated after more than seven years shut and has a capacity of 165,000 barrels a day.
It previously processed Venezuelan crude, alongside oil from Africa and Russia.
The plan could give India another route to oil supplies as global energy markets remain unsettled and India imports about 90% of its crude.
Trinidad and Tobago hopes to revive its refining capacity, but the proposal’s viability depends on refinery compatibility, transport costs, financing, crude discounts and sanctions.
The talks are ongoing, and no agreement has been announced.
Trinidad and Tobago is discussing a proposal for ONGC Videsh and Oil India to process Venezuelan crude at the Guaracara refinery.
The refinery in Pointe-à-Pierre is being renovated and is set to reopen after being shut for more than seven years.
High Commissioner to India Chandradath Singh said the Indian oil companies were interested in the proposal.
The refinery has a capacity of 165,000 barrels per day and previously processed Venezuelan crude.
The proposal’s feasibility depends on factors including facility compatibility, transportation costs, financing and sanctions.
- Who
- Trinidad and Tobago is in talks with Indian state-run oil companies ONGC Videsh and Oil India.
- What
- The proposal is for the companies to process Venezuelan crude at the Guaracara refinery.
- When
- The talks were reported on 24 October 2026. The exact date they began is not stated.
- Where
- The Guaracara refinery in Pointe-à-Pierre, Trinidad and Tobago.
- Why
- Trinidad and Tobago is seeking to reopen the refinery and revive refining capacity. India is also seeking energy supplies amid volatile global markets.
This story does not have two clearly opposing sides.
The Guaracara refinery shut after losses and high debt.
Trinidad and Tobago’s energy minister said the government was in talks with Indian Oil Corp. to restart the refinery.
Mint reported that Trinidad and Tobago was discussing Venezuelan crude processing with ONGC Videsh and Oil India.
- Refinery
- Guaracara refinery, Pointe-à-Pierre, Trinidad and Tobago
- Capacity
- 165,000 barrels per day
- Indian companies
- ONGC Videsh and Oil India
- Venezuelan oil supplied to India
- About 190,000 barrels per day on average in 2026, according to S&P Global
- Trinidad and Tobago domestic crude production
- Below 55,000 barrels per day, according to the country’s energy ministry
What people are saying
I am having discussions with them. They are very interested. They have oil wells in Venezuela, which are now opening up. We have the biggest refinery in the entire region, in Trinidad and Tobago, which was shut down for a while. But we are now reopening it.
Such a measure may help Trinidad restore its economy, while the feasibility of the proposal depends on the compatibility of the facilities for processing the oil, transportation costs, the discount on the crude, financing and the sanctions in place.
They have the capability to refine heavy crude. They’ve done so in the past, and I think as more and more Venezuelan oil comes online, it’s something they can do.