Oando Trading, a subsidiary of Oando PLC, has been selected as the preferred bidder to lease the refinery assets of Guaracara Refining Company Limited (GRC).
This is according to the Minister for Energy of Trinidad and Tobago.
Chief Compliance Officer and Company Secretary, Oando, announced the successful selection to the Nigerian Exchange Limited (NGX) and the Johannesburg Stock Exchange (JSE).
Located in Pointe-à-Pierre, Trinidad and Tobago, the over 100-year-old refinery is central to the country’s oil industry and is being leased from Trinidad Petroleum Holdings Ltd (TPHL).
According to the release, this award reflects Oando’s ongoing reliability and innovation as it seeks to expand in the Caribbean.
“It marks a partnership between Africa and the Caribbean, with Oando’s role in the refinery aimed at enhancing collaboration in the energy sector and facilitating trade, investment, and knowledge exchange,” the statement read.
The announcement follows Oando Energy Resources’ recent award of operatorship for Block KON 13 in Angola’s Onshore Kwanza Basin, disclosed on January 23, 2025.
Group Chief Executive of Oando PLC, Wale Tinubu, expressed appreciation for the trust shown by the Trinidadian government.
“We are honored by the confidence the Trinidadian government has placed in us with this award,” he stated.
Tinubu noted that this strategic investment aligns with Oando’s vision for growth in high-potential regions, reflecting the value of leveraging technical expertise and global partnerships.
“We recognize the significance of this opportunity and look forward to collaborating with all stakeholders to deliver maximum value for everyone involved,” he added.
Earlier in January, Oando announced to the Nigerian Exchange (NGX) that its subsidiary, Oando Energy Resources (OER), had been awarded the operatorship of Block KON 13 in Angola’s Onshore Kwanza Basin.
This operatorship was granted to OER after a competitive bidding process organised by the Angolan National Agency for Petroleum, Gas, and Biofuels (ANPG).
Block KON 13 is located in the Kwanza Onshore Basin, which is known for its promising pre-salt and post-salt formations, with estimated resources ranging from 770 to 1,100 million barrels of oil.
It also features two previously drilled exploration wells that reached a target depth of 3,000 meters, where oil and gas have been observed at various depths.
