Nigerian Firm Nabs Top Spot for Refinery Revamp! 🚀🛢️

Prime Minister Stuart Young recently announced that Oando PLC has been selected as the preferred bidder for the former Petrotrin Refinery during a post-cabinet media briefing. The decision followed a detailed evaluation process involving various interested parties, with the final options being narrowed down to Oando Trading and CRO Consortium.

Key points from the announcement include:

Evaluation Process:
- An Evaluation Committee conducted 26 meetings to assess the potential bidders.
- The options were eventually narrowed down to Oando Trading and CRO Consortium.
- A Cabinet sub-committee, led by Minister Camille Robinson-Regis, discussed the recommendations of the Evaluation Committee.
Preferred Bidder:
- Oando Trading was recommended as the preferred bidder for the lease of the Guaracara Refining Company Limited.
- The proposed lease-type commercial arrangement involves the refinery operating alongside Paria Fuel Trading Company Limited.
- The lease agreement would allow the government to retain ownership of the refinery while generating consistent revenue.
Benefits of the Agreement:
- Oando’s involvement will reduce the state’s burden in maintaining and upgrading the refinery.
- The company plans to create avenues for flexibility in the future, benefiting both parties.

Moreover, it was emphasized that the government is not giving up ownership of Paria, despite certain parties showing interest only in the bunkering aspect without restarting the refinery. The decision was also made to inform Trinidad Petroleum Holdings Limited (TPHL) of the Evaluation Committee’s recommendation and proposals for the refinery sale.

In conclusion, the selection of Oando PLC as the preferred bidder for the Petrotrin Refinery represents a strategic move that aims to revitalize the refinery’s operations while ensuring consistent revenue generation for the government. This decision marks a significant step towards the sustainable utilization of the refinery’s assets and contributes to the overall growth of the energy sector.