Oando Plc, Nigeria’s foremost indigenous energy company, has confirmed its selection as the preferred bidder for the 175,000 barrels per day (bpd) Guaracara Refining Company Limited (GRC) refinery assets from Trinidad Petroleum Holdings Ltd (TPHL).
The company, which is listed on both the Nigerian Exchange Limited and the Johannesburg Stock Exchange, announced in a statement that it has received formal notification of this decision from the Trinidad and Tobago government.
“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),” the statement read.
The company emphasized that the award underscores Oando’s strong track record in reliability, innovation, and infrastructure development, aligning with its strategic vision to expand operations across the Caribbean.
Strengthening Afro-Caribbean Energy Collaboration
According to Oando, this partnership serves as a bridge between Africa and the Caribbean, positioning the refinery as a catalyst for deeper energy collaboration, increased trade, investment, and knowledge exchange between the two regions.
The initiative highlights Africa’s growing influence in the global energy sector and reinforces the role of indigenous African companies in fostering economic transformation across borders.
Oando’s Commitment to Growth and Expansion
Group Chief Executive of Oando Plc, Wale Tinubu, described the development as a significant milestone in the company’s strategy to penetrate high-potential regions and expand its global footprint. He reaffirmed Oando’s commitment to leveraging its technical expertise and strong international partnerships to finance and execute large-scale projects.
“We are honored 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. We recognize the significance of this opportunity and look forward to working with all stakeholders to deliver maximum value for all parties involved,” Tinubu stated.
A Key Refinery in the Caribbean Energy Landscape
The refinery, located in Pointe-à-Pierre, Trinidad and Tobago, has been a cornerstone of the country’s oil industry for over a century. With a refining capacity of 175,000 bpd and a Nelson Complexity Index of 8.0, the facility is well-positioned to process regional crude oils and supply refined petroleum products to both domestic and regional markets.
Next Steps in the Acquisition Process
Oando Plc noted that the next phase involves detailed discussions with the government and regulatory authorities to finalize the lease agreement and operational framework. The company assured stakeholders that it would provide timely updates as the process progresses.
This development marks another significant milestone in Oando’s expansion strategy, reinforcing its position as a key player in the global energy market while enhancing Afro-Caribbean economic ties.