Oando Plc has announced that its subsidiary, Oando Trading, has been selected as the preferred bidder to lease the refinery assets of Guaracara Refining Company Limited, located in Pointe-à-Pierre, Trinidad and Tobago. This decision was confirmed by the Minister for Energy of Trinidad and Tobago.
The refinery, which is over a century old, plays a central role in the country’s oil industry and is currently leased from Trinidad Petroleum Holdings Ltd. Oando’s selection for this opportunity highlights the company’s track record of reliability, innovation, and infrastructure development. It also aligns with Oando’s Corporate Strategic Vision, which includes expanding its reach across the Caribbean region.
In a statement, Oando emphasized that this partnership would serve as a strategic bridge between Africa and the Caribbean, facilitating deeper Afro-Caribbean collaboration in the energy sector. The move is expected to foster increased trade, investment, and knowledge exchange between the two regions, and underscores Africa’s growing influence in the global energy landscape.
Wale Tinubu, the Group Chief Executive of Oando Plc, expressed his gratitude, stating, “We are honored by the confidence the Trinidadian government has placed in us with this award.” He also noted that the investment aligns with Oando’s long-term vision of expanding into high-potential regions and leveraging its vast technical expertise and global partnerships.
The refinery, with a capacity of 175,000 barrels per day and a Nelson Complexity Index of 8.0, is ideally suited for processing regional crude oils and supplying both domestic and regional markets with refined products. This asset has been a cornerstone of Trinidad and Tobago’s oil industry for over a century.
The next steps in the process will involve detailed discussions with government and regulatory authorities to finalize the lease agreement and the operational framework for the refinery. Oando has assured stakeholders and the public that it will continue to provide timely updates as the process progresses.
This lease agreement represents a significant milestone for Oando Plc, further strengthening its position in the global energy market and marking a notable step in its expansion into the Caribbean.
