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In 2006, the petroleum industry accounted for some 47 percent of the country’s total GDP with the exploration and production subsector being the major contributor.The energy sector is focused on the production of natural gas and related downstream activities.
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The plant will produce rods, wires, and cable, with plans to establish production facilities for the manufacture of wheel alloys, car wheels, and rims. This integrated steel complex is designed to produce flat hot rolled coil, as well as hot briquette iron and slabs. (MHTL) owns and operates five methanol plants in Trinidad with a combined capacity to produce over 4 million metric tons of methanol per year.
A unit of Indian conglomerate Essar Global will own and operate the facility in Trinidad, and has signed an agreement to purchase 140 million cubic feet of natural gas per day for the plant. MHTL is the second-largest producer of methanol in the world.
Over the period 2002–06, the economy has averaged growth in the region of 9.7 percent.
Growth of the Trinidad and Tobago economy is driven largely by the energy sector.