Oando Plc has communicated to the investing community that following the declaration by the Minister of Energy of Trinidad and Tobago on Thursday, February 27, 2025, its trading subsidiary, Oando Trading, has been officially notified 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 refinery, situated in Pointe-à-Pierre, Trinidad and Tobago, is an essential energy asset in the Caribbean. Established over a century ago, it has historically been the foundation of Trinidad and Tobago’s oil sector. With a capacity of 175,000 barrels per day and a Nelson Complexity Index of 8. 0, the refinery is aptly equipped for processing regional crude oils and supplying both domestic and regional markets with refined products.
This accolade emphasizes Oando’s history of dependability, innovation, infrastructure development and corresponds with its Corporate Strategic Vision of expanding throughout the Caribbean region. This alliance also represents a strategic link between Africa and the Caribbean as Oando’s participation in the refinery will act as a catalyst for deeper Afro-Caribbean collaboration in the energy sector, paving the way for enhanced trade, investment, and knowledge transfer. This endeavor highlights Africa’s increasing influence in the global energy arena and underscores the role of indigenous African companies in promoting economic transformation across borders.
Commenting on the announcement, Wale Tinubu, Group Chief Executive of Oando Plc stated: “We are privileged by the trust the Trinidadian government has bestowed upon us with this award. This strategic investment aligns with our long-term vision of expanding into high-potential regions and broadening our operational presence, leveraging our extensive technical expertise and global partnerships to finance projects.
“We acknowledge the importance of this opportunity and anticipate collaborating with all stakeholders to deliver maximum value for all parties involved. ”
Oando indicated that the subsequent steps in the process entail detailed discussions with the government and regulatory authorities to finalize the lease agreement and operational framework.
