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Emmanuel Addeh in Abuja

Nigeria’s leading indigenous energy group, Oando Plc, yesterday confirmed its selection as the preferred bidder for the 175,000 barrels per day Guaracara Refining Company Limited (GRC) refinery assets from Trinidad Petroleum Holdings Ltd (TPHL). 

Oando Plc, listed on both the Nigerian Exchange Limited and the Johannesburg Stock Exchange, in a statement, noted that it has now been formally advised in writing of its choice as the preferred bidder for the lease by the country.

“Oando Plc is pleased to report that 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). 

“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.

According to the energy firm, 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 AfroCaribbean collaboration in the energy sector, paving the way for increased trade, investment, and knowledge exchange.

The initiative, it said, 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, Group Chief Executive of Oando Plc,  Wale Tinubu, said the development aligns with the company’s plan to deepen its operations into high-potential regions and grow its operational footprint, leveraging its vast technical expertise and global partnerships to finance projects.

“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 recognise the significance of this opportunity and look forward to working with all stakeholders to deliver maximum value for all parties involved,”  the company said.

The refinery, located in Pointe-à-Pierre, Trinidad and Tobago, Oando said, is a vital energy asset in the Caribbean and 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 next steps in the process involve detailed discussions with the government and  regulatory authorities to finalise the lease agreement and operational framework. As this process progresses, Oando Plc will continue to provide timely updates to stakeholders and the public,” the firm stated.