In 2004, Petrotrin was granted an automatic stake in all exploration and production arrangements with foreign companies in Trinidad and Tobago.

[5] In the early 1900s, there were several small refineries operating in Trinidad, including plants in Santa Flora (TPD 1930 – ?)

[6] The Point Fortin Refinery built in 1912 that once refined Venezuelan crude was the last to be shut down in 1994 due to cost challenges after the economic recession of the 1980s to make way for Atlantic LNG as Trinidad and Tobago shifted its emphasis from oil to natural gas.

In 1913, former sugar estates in the area was purchased for plans to build a refinery[7] by Trinidad Leaseholds Ltd, a British subsidiary of Central Mining Company headquartered in the United Kingdom.

During World War II the refinery was identified as an asset to be "protected at all cost" as a major supplier of aircraft fuel for the Allied forces.

Following the unrest of the 1970 Black Power Revolution, throughput was down to 183,000 barrels per day yet the refinery continued to be viable.

By being the only refinery in operation in the Caribbean, Trinidad & Tobago became the supplier of refined petroleum products to the rest of the region.

On 28 August 2018, it was announced by Prime Minister Dr Keith Rowley that Petrotrin would have to be shut down (although earlier stating in his political campaign they would not shut down the state-owned company) because of the government and company's inability to generate a profit during a period of low oil prices, where TT$8 billion was lost over five years.