Oando PLC has announced that its subsidiary, Oando Trading, has been selected as the preferred bidder to lease the refinery assets of Guaracara Refining Company Limited (GRC), as confirmed by the Minister for Energy of Trinidad and Tobago.
The refinery, located in Pointe-à-Pierre, Trinidad and Tobago, has been a central part of the country’s oil industry and is being leased from Trinidad Petroleum Holdings Ltd (TPHL). In an official statement, Oando confirmed the selection to the Nigerian Exchange Limited (NGX) and the Johannesburg Stock Exchange (JSE), highlighting the company’s strategic expansion into the Caribbean energy market.
“This award represents a significant partnership between Africa and the Caribbean, aimed at enhancing collaboration in the energy sector and promoting trade, investment, and knowledge exchange,” the statement read.
Wale Tinubu, Group Chief Executive of Oando PLC, expressed gratitude for the trust placed in the company by the Trinidadian government. “We are honored by the confidence the Trinidadian government has placed in us with this award. This strategic investment aligns with Oando’s vision for growth in high-potential regions,” Tinubu stated.
The announcement follows Oando Energy Resources’ recent award of operatorship for Block KON 13 in Angola’s Onshore Kwanza Basin. The block, known for its rich pre-salt and post-salt formations, holds estimated resources of 770 to 1,100 million barrels of oil.
Source: Naira Metrics
