Oando PLC has emerged as the preferred bidder for the lease of the Guaracara refinery in Trinidad and Tobago.
Acting Prime Minister and Minister of Energy, Stuart Young, stated that the decision was influenced by Oando’s strong financial credentials, notably its $1.5 billion acquisition of ConocoPhillips’ assets in Nigeria.
An evaluation committee assessed bids from Oando, the CRO Consortium, and INCA Energy, an American firm. While both Oando and CRO Consortium demonstrated expertise in refinery operations, Oando’s ability to secure substantial upstream financing gave it a competitive edge.
Young emphasized the government’s commitment to protecting the assets of Paria Fuel Trading Company, ensuring a steady supply of domestic fuel. He also underscored that any potential bidder must prioritize restarting the refinery rather than acquiring assets solely for bunkering purposes.
According to a government statement, an evaluation committee was tasked with reviewing proposals, ultimately recommending Oando Trading DMCC as the most suitable candidate for the refinery lease.
In addition to this milestone, Oando recently secured operatorship of Block KON 13 in Angola’s Onshore Kwanza Basin, reinforcing its presence in Africa’s energy sector.
Sources: Punch NG, CNC3.co.tt
