Agency Report –
Oando Nigeria’s subsidiary, Oando Trading, has been officially selected as the preferred bidder to lease the refinery assets of Guaracara Refining Company, GRC, from Trinidad Petroleum Holdings Ltd., TPHL.
The selection followed a formal written notification and an announcement by the Honourable Minister for Energy of Trinidad and Tobago on Feb.27.
A corporate disclosure released through the Nigerian Exchange Ltd., NGX, on Tuesday, reported that Oando Nigeria is listed on both the NGX and the Johannesburg Stock Exchange, JSE.
Oando’s Group Chief Executive, Wale Tinubu, said that the development underscored the company’s track record of reliability, innovation, and infrastructure development.
He said these qualities aligned with the company’s strategic vision of expanding across the Caribbean region.
According to him, the partnership serves as a strategic bridge between Africa and the Caribbean, with Oando’s involvement in the refinery acting as a catalyst for deeper Afro-Caribbean collaboration in the energy sector.
Mr Tinubu added that the initiative would pave the way for increased trade, investment, and knowledge exchange.
He noted that the feat highlighted Africa’s growing influence in the global energy landscape and the role of indigenous African companies in driving economic transformation across borders.
“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, 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 refinery, located in Pointe-à-Pierre, Trinidad and Tobago, is a vital energy asset in the Caribbean,” he said.
He added that, “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 refinery is well-suited for processing regional crude oils and supplying both domestic and regional markets with refined products.”
Mr Tunubu noted that the next steps in the process involved detailed discussions with the government and regulatory authorities to finalise the lease agreement and operational framework.
“As this process progresses, Oando will continue to provide timely updates to stakeholders and the public,” he said.
