Oando Plc has stated that its subsidiary, Oando Trading, has been selected as the preferred bidder to lease the refinery assets of Guaracara Refining Company Limited, according to the Minister for Energy of Trinidad and Tobago.
Located in Pointe-à-Pierre, Trinidad and Tobago, the century-old refinery is central to the country’s oil industry and is being leased from Trinidad Petroleum Holdings Ltd.
The oil firm, in a statement signed by the Chief Compliance Officer & Company Secretary, Ayotola Jagun, on Tuesday, said the award underscores Oando’s track record of reliability, innovation, and infrastructure development and aligns with its Corporate Strategic Vision of expanding across the Caribbean region.
“This partnership also represents a strategic bridge between Africa and the Caribbean as Oando’s involvement in the Refinery will serve as a catalyst for deeper AfroCaribbean collaboration in the energy sector, paving the way for increased trade, investment, and knowledge exchange.
“This initiative underscores Africa’s growing influence in the global energy landscape and highlights the role of indigenous African companies in fostering economic transformation across borders,” the statement noted.
Commenting on the announcement, the Group Chief Executive of Oando Plc, Wale Tinubu, said, “We are honored by the confidence the Trinidadian government has placed in us with this award.
“This strategic investment aligns with our long-term vision of expanding into high-potential regions and growing our operational footprint, leveraging our vast technical expertise and global partnerships to finance projects.
“We recognize the significance of this opportunity and look forward to working with all stakeholders to deliver maximum value for all parties involved.”
The refinery is a vital energy asset in the Caribbean. It was established over a century ago and historically has been the cornerstone of Trinidad and Tobago’s oil industry.
With a capacity of 175,000 barrels per day and a Nelson Complexity Index of 8.0, the refinery is well-suited for processing regional crude oils and supplying both domestic and regional markets with refined products.
The statement further noted that the next steps in the process involve detailed discussions with the government and regulatory authorities to finalize the lease agreement and operational framework.
“As this process progresses, Oando Plc will continue to provide timely updates to stakeholders and the public,” the statement assured.
SOURCE : PUNCH
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