Nigerian energy company, Oando PLC, has been selected as the preferred bidder for the lease of the Guaracara Refinery in Trinidad and Tobago.
Why Oando Was Chosen
According to Trinidad and Tobago’s Acting Prime Minister and Minister of Energy, Stuart Young, the decision was based on Oando’s strong financial track record. He specifically pointed to the company’s $1.5 billion acquisition of ConocoPhillips’ assets in Nigeria, which demonstrated its ability to finance and manage large-scale energy projects.
An evaluation committee reviewed bids from Oando and the CRO Consortium, both of which have experience in refinery operations. However, Oando’s proven ability to secure major funding in the upstream oil sector gave it an edge over its competitor.
Government’s Conditions for the Lease
Young emphasised that the protection of Paria Fuel Trading Company’s assets was a key priority. This is to ensure a steady supply of domestic fuel for the country.
He also made it clear that any company leasing the Guaracara Refinery must commit to restarting operations, rather than using Paria’s facilities only for fuel bunkering (storage and supply to ships).
Oando’s proposal reportedly aligns with Trinidad and Tobago’s goal of reducing government financial burdens while creating a flexible and sustainable future for the refinery.
What This Means for Oando
Winning this bid could strengthen Oando’s presence in the Caribbean energy market, opening up more opportunities in refining and downstream operations. It also highlights Nigeria’s growing role in the global oil and gas industry.
With Oando’s experience and investment capacity, stakeholders are optimistic that the Guaracara Refinery will soon be fully operational.
