A recent development has seen Oando Plc emerging as the top choice for the lease of the Guaracara Refinery in Trinidad and Tobago. Reports suggest that Oando outperformed other contenders to secure the lease, with the decision being influenced by the company’s impressive financial history, notably its substantial acquisition of ConocoPhillips’ assets in Nigeria back in 2014.
The Minister of Energy in Trinidad and Tobago, Stuart Young, shared that the selection process involved thorough discussions by the Cabinet, underscoring the importance of the decision. Concerns were raised regarding the challenges faced by the country’s energy firm, Petrotrin, which experienced significant losses over the years.
Furthermore, the government has shown its commitment to ensuring the protection of assets belonging to Paria Fuel Trading Company Limited during the refinery’s restart process, aiming to maintain a steady fuel supply for the population.
Earlier this year, Oando also secured operatorship of Block KON 13 in Angola, following a competitive bidding process. This strategic move aligns with the company’s recent acquisition of NAOC Ltd in Nigeria, showcasing its continued expansion in the energy sector.