By Oando Plc has been selected as the preferred bidder for the lease of the century-old Guaracara Refinery, a strategic energy asset in the Caribbean. This milestone marks a significant expansion of Oando’s operations beyond Africa and strengthens Afro-Caribbean energy collaboration.
The lease was officially announced by the Minister for Energy of Trinidad and Tobago on Thursday, February 27, 2025. Oando’s trading subsidiary, Oando Trading, has received formal notification from Trinidad Petroleum Holdings Ltd (TPHL) regarding its selection.
Strategic Significance
According to Oando’s Chief Compliance Officer & Company Secretary, Ayotola Jagun, this award highlights Oando’s reputation for reliability, innovation, and infrastructure development. It aligns with the company’s strategy of expanding across the Caribbean region.
> “This partnership serves as a catalyst for deeper Afro-Caribbean collaboration in the energy sector, paving the way for increased trade, investment, and knowledge exchange,” Jagun stated.
Oando’s Expansion & Commitment
Oando’s Group Chief Executive, Wale Tinubu, expressed gratitude for the Trinidadian government’s trust, emphasizing the strategic nature of this investment.
> “This investment aligns with our long-term vision of expanding into high-potential regions. We will leverage our technical expertise and global partnerships to finance and optimize this project,” Tinubu said.
Oando is now set to engage with the Trinidadian government and regulatory authorities to finalize the lease agreement and operational framework.
About the Guaracara Refinery
Location: Pointe-à-Pierre, Trinidad & Tobago
Capacity: 175,000 barrels per day
Nelson Complexity Index: 8.0 (indicating advanced refining capabilities)
Historical Significance: Over 100 years old, a key asset in Trinidad & Tobago’s oil industry
Market Reach: Processes regional crude oils and supplies both domestic and regional markets
Next Steps
Oando Plc will continue discussions with Trinidadian authorities to finalize lease terms and establish an operational framework. Updates will be provided to stakeholders as the process advances.
This deal positions Oando Plc as a key African player in the global energy space, fostering cross-border economic transformation and investment.
