Trinidad and Tobago has proposed processing Venezuelan crude at Guaracara with two Indian state oil companies, as a study assesses the refinery’s condition and possible rehabilitation costs.
High Commissioner to India Chandradath Singh told Mint in an interview published Oct. 24 that the government had discussed the proposal with ONGC Videsh and Oil India. Singh described both companies as interested. Mint reported that neither company nor the energy ministry had confirmed the proposal by publication, and no operating or supply agreement had been disclosed.
On March 25, MAIRE said its subsidiary Tecnimont Services had received a $50 million contract to assess the Guaracara complex. The work includes technical and integrity reviews and preliminary estimates of capital and operating costs for rehabilitation. MAIRE expects the first two study phases to be completed by early 2027. It has announced no date for the refinery to reopen.
Mint reported that Guaracara, part of the former Petrotrin complex, has been closed since November 2018 and previously processed crude from Venezuela, Africa and Russia. Trinidad Petroleum Holdings lists Guaracara Refining as responsible for preserving refinery assets and providing utility services to Paria Fuel Trading. MAIRE expects the project to benefit the local economy and support skills development.
Oil India lists its stake in Venezuela’s Carabobo project at 3.5%, matching Indian Oil Corporation’s stake; ONGC Videsh holds 11%. In an Aug. 18 exchange filing, Oil and Natural Gas Corporation Ltd. (ONGC) said U.S. authorities granted ONGC Videsh the necessary authorization for Venezuelan oil and gas operations in July 2026. ONGC said stakeholders were still discussing next steps for its San Cristobal and Carabobo-1 assets.
The proposal’s commercial terms, including crude volumes, transport and financing, have not been disclosed. Mint reported that the companies still needed to assess its economic viability. The first two Guaracara study phases are expected to finish by early 2027.
