Oando Emerges as Preferred Bidder for Lease of Guaracara Refinery in Trinidad & Tobago

Oando PLC, Nigeria’s leading indigenous energy group listed on both the Nigerian Ex- change Limited (NGX) and Johannesburg Stock Ex- change (JSE), on Tuesday announced that it has been selected as a preferred bidder for lease of Trinidad& Tobago’s Guaracara Refinery.

The company in a signed statement by Ayotola Jagun, Chief Compliance Officer & Company Secretary, dated March 11,2025, released by the NGX Exchange and obtained by our correspondent, following the announcement by the Honourable Minister for Energy of Trinidad and Tobago on Thursday February 27, 2025,” its trading subsidiary, Oando Trading, has been formally advised in writing of its selection as the preferred bidder for the lease of the Guaracara Refining Company Limited (GRC)’s refinery assets from Trinidad Petroleum Holdings Ltd (TPHL)”

According to the report, this award underscores Oando’s track record of reliability, innovation, infrastructure development and aligns with its Corporate Strategic Vision of expanding across the Caribbean region.

It added that the 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 Afro-Caribbean 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.

Commenting on the announcement, Wale Tinubu CON, Group Chief Executive of Oando PLC, said: “We are honoured 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 for- ward to working with all stake- holders to deliver maximum value for all parties involved.”

The Refinery, located in Pointe-à-Pierre, Trinidad and Tobago, 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 re- finery is well-suited for processing regional crude oils and supplying both domestic and regional markets with refined products.

The next steps in the process involve detailed discussions with the government and regulatory authorities to finalize the lease agreement and operational frame- work. As this process progresses, Oando PLC will continue to provide timely updates to stakeholders and the public.