Oando Plc, a Nigerian oil company led by Wale Tinubu, a nephew of President Bola Ahmed Tinubu has been listed among the final bidders to acquire Trinidad and Tobago’s state-owned refinery, Petrotrin.
The announcement was made by Trinidadian Finance Minister, Colm Imbert, during the presentation of the nation’s budget.
Petrotrin, which was previously a major state owned entity in Trinidad and Tobago, has been defunct since 2018 following financial difficulties. The government has been seeking to restart its operations through private investments, leading to the current bidding process. Out of an initial pool of ten proposals, three companies have made it to the final stage, including Oando Plc, CRO Consortium (a Trinidadian group of companies), and INCA Energy, an American firm.
According to Imbert, the bidding process was launched in February 2024, with US-based Scotia Capital handling the procurement. Interested companies were invited to submit expressions of interest, with proposals evaluated on various criteria. Among these were the clarity of each company’s restart plan, a defined timeline for bringing the refinery back into operation, and the feasibility of their proposals.
Imbert added, “A formal selective Request for Proposals process will now be initiated to determine the winner among these three companies, to restart the refinery, if found feasible.” The final decision is expected to be made after this phase of evaluation.
Oando’s potential acquisition of Petrotrin comes at a time when Nigeria’s own state owned refineries, including those in Port Harcourt, Warri, and Kaduna, remain non-operational despite years of promises to restart them. The Nigerian National Petroleum Company Limited (NNPC) has struggled to revive these refineries, repeatedly missing deadlines for production.
Nigeria currently imports petroleum products from countries like Trinidad and Tobago to meet its domestic fuel needs. Data from the National Bureau of Statistics (NBS) show that these imports are crucial, as Nigeria’s local refining capacity remains severely underutilised.
Should Oando succeed in acquiring Petrotrin, it would represent a major strategic move for the Nigerian company, expanding its international footprint and potentially addressing some of the challenges in the Nigerian oil and gas sector.
The bidding process highlights the ongoing global competition for energy assets, with Nigerian companies increasingly looking beyond their borders for opportunities, particularly as local refinery projects continue to face delays. Oando’s position as a finalist in this process is a testament to the growing influence of Nigerian energy firms on the international stage.
Restarting Petrotrin will not be without its challenges. The refinery has been out of operation for several years, and its infrastructure is likely in need of significant investment to bring it back online. Additionally, the global oil and gas market remains volatile, with fluctuating oil prices and shifting demand dynamics influenced by geopolitical tensions and environmental concerns.
Despite these hurdles, Oando’s involvement in the bid positions it as a serious contender in the international oil market. If successful, this acquisition could not only boost the company’s profile but also enhance Nigeria’s role in the global petroleum industry.
As the Trinidadian government moves into the final phase of the bidding process, all eyes will be on which company secures the rights to revive Petrotrin and what this will mean for the energy landscape in both Nigeria and Trinidad and Tobago.
