Oando Secures Lease for Guaracara Refinery in Trinidad
Oando Plc has emerged as the preferred bidder for leasing the Guaracara Refinery in Trinidad and Tobago, outcompeting CRO Consortium and INCA Energy.
Trinidad’s Minister of Energy, Stuart Young, attributed the decision to Oando’s strong financial track record, citing its $1.5 billion acquisition of ConocoPhillips’ assets in Nigeria in 2014.
Young highlighted the financial struggles of Petrotrin, the country’s energy firm, which faced escalating losses from $361.5 million in 2014 to $1.2 billion in 2016, alongside a decline in oil production.
The Cabinet-approved Evaluation Committee, comprising industry experts, shortlisted three companies before selecting Oando Trading DMCC as the preferred bidder.
The government reaffirmed its commitment to protecting Paria Fuel Trading Company’s assets, ensuring fuel supply stability and securing resources during the refinery’s restart.
In January, Oando also secured operatorship of Block KON 13 in Angola, a resource-rich area, further expanding its global energy portfolio.
