Trinidad and Tobago’s effort to bring the shuttered Petrotrin refinery back into operation has gained fresh momentum following talks in Guyana, where potential financiers and refining partners have been identified for a project estimated at up to US$200 million.

Energy Minister Roodal Moonilal said discussions in Georgetown during the 5th Guyana Energy Conference opened doors to Arab investors and regional banking contacts who may be prepared to support the restart of the state-owned facility, which has been closed since November 2018 under the former People’s National Movement administration.

Moonilal, who led a delegation to the conference, said Guyana’s President Irfaan Ali personally facilitated introductions to representatives of the Saudi investment community as well as local bankers. “The Guyanese government has been very helpful in setting up several meetings with entities, both banking and refining companies, to explore the possibility of partnering with the government of Trinidad and Tobago to restart the refinery,” he said.

He indicated that a senior financial analyst within his delegation has already begun engaging members of the banking sector to assess funding models and partnership structures.

According to the minister, a limited restart could cost about US$50 million. A broader return to full refining capacity, including production levels that once supplied the 15 member Caribbean Community, would require close to US$200 million. “For long term, the full range of products, to go back to where we were as a supplier of products to CARICOM, would be about US$200 million and we are working now with several entities that we have met here to see how best we can garner the financing,” Moonilal explained.

If an agreement is reached by mid year or the third quarter, preparatory work could begin in the final quarter of 2026, with operations resuming roughly a year later.

Funds would address technical and design deficiencies at the refinery and strengthen health and safety systems. While Moonilal maintained that Trinidad and Tobago possesses the human resource capacity to operate the plant, he acknowledged that one subcontractor from Houston, Texas may be required, along with technical input from Shell and BP. External partnerships could also help secure market access and updated technologies.

On the question of crude supply, Moonilal dismissed concerns that the refinery’s original configuration for heavy oil would prevent it from processing Guyana’s light sweet crude. “That distinction with heavy and light crude is becoming less and less significant because now they have the technologies and the chemistry and so on to convert one to the other,” he said, adding that oil swaps remain an option.