Oando Trading, a subsidiary of Oando Plc, one of Nigeria’s leading indigenous energy group, has been selected as the preferred bidder to lease the refinery assets of Guaracara Refining Company Limited (GRC) from Trinidad Petroleum Holdings Limited (TPHL).
Published on the Nigerian Exchange website, the award aligns with Oando’s vision to expand its footprint across the Caribbean region.
The lease agreement will help the company penetrate the Afro-Caribbean region and create better collaboration in the energy sector, ensuring increased trade and investment between both regions.
Speaking on the collaboration, Wale Tinubu, group chief executive of Oando Plc, said:
“We are honoured by the confidence the Trinidadian government has placed in us with this award. This strategic investment aligns with our long-term vision of expanding into high-potential regions and growing our operational footprint, leveraging our vast technical expertise and global partnerships to finance projects. We recognize the significance of this opportunity and look forward to working with all stakeholders to deliver maximum value for all parties involved.”
The Guaracara refinery, located in Pointe-à-Pierre, Trinidad and Tobago, has been in operation for over a century and plays a key role in the Caribbean’s oil industry.
Trinidad Petroleum Holdings Limited, a state-owned oil company, owns both Guaracara Refining Company Limited and the refinery, which is the only petroleum refining facility in the country.
