Petrotrin refinery: tendering process. File image/Pixabay
The 165,000 barrels a day Pointe-a-Pierre refinery may become an oil products storage and bunkering facility.
According to price-reporting agency Argus Media, the move would be on the back of "mounting losses and high debts" at the plant.
Local media reports that the Point-a-Pierre refinery, which is currently shut, will be put out to tender with the bidding process completed mid-year.
The plant is owned by Trinidad and Tobago's state oil firm Petrotrin.