Oando Plc has been selected as the preferred bidder for leasing the Guaracara Refinery in Trinidad, surpassing competitors including Trinidad’s CRO Consortium and INCA Energy. Energy Minister Stuart Young highlighted Oando’s strong financial background, particularly its $1.5 billion acquisition of ConocoPhillips’ assets. The decision follows a thorough evaluation process, emphasizing the government’s commitment to the energy sector’s stability and growth.
Oando Plc has emerged as the preferred bidder for the lease of the Guaracara Refinery in Trinidad and Tobago. According to reports from local media, Oando surpassed competitors including Trinidad’s CRO Consortium and the American firm INCA Energy. Minister of Energy Stuart Young emphasized Oando’s robust financial history, notably its $1.5 billion acquisition of ConocoPhillips’ assets in Nigeria, as a critical factor in the bidding decision.
During a media briefing, Minister Young noted that the Cabinet engaged in extensive discussions prior to making their decision, highlighting its importance. He referred to the previous struggles of Petrotrin, noting significant financial losses and declining domestic oil production from 2005 to 2015. These issues underscore the necessity for a strategic approach in managing the energy sector.
The Office of the Prime Minister communicated through a Facebook post that the Cabinet decided to inform Trinidad Petroleum Holdings Limited of their approval for Oando to proceed with negotiations for the refinery’s lease. An Evaluation Committee, comprising professionals from the industry, reviewed proposals, narrowing the bidders down to three, ultimately recommending Oando Trading DMCC as the preferred entity.
Prime Minister Young reiterated the government’s commitment to ensuring the protection of Paria Fuel Trading Company Limited’s assets while maintaining a stable fuel supply for citizens. His remarks come in light of recent developments for Oando, such as being awarded operatorship of Block KON 13 in Angola’s Onshore Kwanza Basin following a competitive bidding process. This block is recognized for its significant exploration potential
Recent advances for Oando include their latest acquisition of NAOC Ltd in Nigeria, reflecting the company’s strategic expansion in the oil and gas market. As Oando prepares to restart operations at the Guaracara refinery, the focus remains on sustainable resource management and enhancing domestic production capabilities.
In conclusion, Oando’s selection as the preferred bidder for the Guaracara Refinery marks a significant development in Trinidad and Tobago’s energy sector, highlighting the importance of financial stability and strategic investment in the industry. Minister Stuart Young’s remarks reflect a commitment to revitalizing the domestic oil production landscape while ensuring the protection of national energy resources. Oando’s recent accomplishments further solidify its position as a key player in both local and international markets.
Original Source: punchng.com
