Trinidad and Tobago selected Oando as the preferred bidder for the Guaracara Refinery lease, citing its strong financials and technical expertise. Oando outbid Trinidad’s CRO Consortium and U.S.-based INCA Energy.Energy Minister Stuart Young highlighted Oando’s $1.5B ConocoPhillips acquisition in 2014 as a key factor.
He noted the Cabinet’s thorough discussions before making the decision.Trinidad and Tobago’s Energy Minister Stuart Young highlighted Petrotrin’s financial struggles, with losses rising from $361.5M in 2014 to $1.2B by 2016, alongside a sharp drop in oil production.
The Cabinet approved discussions with Oando for leasing the Guaracara Refinery. An Evaluation Committee reviewed proposals and shortlisted three companies, ultimately selecting Oando as the preferred bidder.An Evaluation Committee selected Oando as the preferred bidder for the Guaracara refinery lease.
PM Young pledged to protect Paria Fuel Trading’s assets and ensure stable fuel supply.In January, Oando won operatorship of Angola’s Block KON 13 after a competitive bid.Jagun said Block KON 13, in Angola’s Kwanza Basin, holds 770-1,100M barrels of potential oil.This follows Oando’s recent NAOC Ltd acquisition in Nigeria.
