The Energy Chamber says a revitalised Venezuelan oil industry could bring renewed benefits to this country, should the Pointe-a-Pierre refinery restart operations.
While recent discussions have primarily focussed on importing Venezuela’s natural gas, the Chamber noted a strong historical precedent for crude imports to support local refining.
It says the refinery has a capacity of approximately 175,000 barrels of oil per day, however domestic production now stands at approximately 53,000 barrels per day.
Up until 2009, T&T imported tens of thousands of barrels of Venezuelan crude daily to supplement domestic supply at the refinery, as local output fell.
The Chamber believes if the refinery is restarted, Venezuela’s crude could once again play a key role in sustaining operations and strengthening regional energy cooperation.
