The Nigerian-based company, Oando Trading, has confirmed that it has formally been advised in writing of its selection as the “preferred bidder” for the lease of the Guaracara Refinery.
Group Chief Executive Officer of Nigerian Energy Company, Oando PLC, Wale Tinubu, posted an image to his social media account confirming the news that the company has been formally advised that it is the “preferred bidder” for the Guaracara Refinery in Pointe-a-Pierre.
Via a media release on the company’s website, it noted that its trading subsidiary, Oando Trading, received the news in writing, following the announcement on February 27th by Energy Minister Stuart Young.
Oando said the award underscores the company’s track record of “reliability, innovation, infrastructure development” and aligns with its vision of expanding across the Caribbean region.
Commenting on the announcement, CEO Tinubu said, “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.”
The company said 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 Afro-Caribbean collaboration in the energy sector, paving the way for increased trade, investment, and knowledge exchange.
It added that this initiative underscores Africa’s growing influence in the global energy landscape and highlights the role of indigenous African companies in fostering economic transformation across borders.
And Market Forces Africa reported that Oando PLC saw a “small gain” in the equities market after they were announced as the preferred bidder for the Trinidad and Tobago Refinery.
Data from the Nigerian Exchange, NGX, showed that Oando’s market value of Oando PLC increased to 658,864 billion Nigerian naira on Thursday, as 1.379 million shares valued at 73,439 million were traded in the local stock market.
Oando, in its media release, also stated that with a capacity of 175,000 barrels per day and a Nelson Complexity Index of 8.0, the Guaracara refinery is well-suited for processing regional crude oils and supplying both domestic and regional markets with refined products.