Oando Emerges Preferred Bidder for Lease of Guaracara Refinery

Oando Plc has been named the preferred bidder for the lease of the Guaracara Refinery, a major step in the company’s ongoing expansion in the oil and gas sector. The selection positions Oando to take over operations of the refinery, located in Trinidad and Tobago, as part of efforts to revamp and optimize its refining capacity.

The bid process, overseen by the Trinidadian government and relevant industry regulators, was highly competitive, with multiple international firms vying for the lease. Oando’s selection underscores its growing influence in the global energy market and its capacity to manage and enhance refining infrastructure.

The Guaracara Refinery, formerly operated by Petrotrin, has been inactive for several years due to financial and operational challenges. The lease agreement will allow Oando to undertake rehabilitation efforts, with plans to restore the facility to full operational capacity. This move aligns with the Nigerian company’s broader strategy of expanding its downstream assets and securing a stronger foothold in international refining.

Industry experts see this development as a significant opportunity for Oando to increase its refining output and contribute to regional fuel supply stability. With Nigeria still largely dependent on fuel imports, Oando’s involvement in international refining could provide long-term benefits, including potential supply agreements that may positively impact domestic fuel availability.

Officials from both Nigeria and Trinidad and Tobago have expressed optimism about the deal, highlighting its potential to drive economic growth and energy security. Oando is expected to finalize negotiations and outline its investment strategy for the refinery in the coming months.

As the process moves forward, industry stakeholders will closely monitor developments to assess the impact of Oando’s acquisition on regional fuel markets and its broader implications for Africa’s refining sector.