In a significant development, Oando Plc has been announced as the preferred bidder for the lease of the Guaracara Refinery in Trinidad and Tobago, outperforming competitors such as Trinidad’s CRO Consortium and INCA Energy, an American company.
HEADLINENEWS reports that Trinidad and Tobago’s Minister of Energy, Stuart Young, emphasized during a media briefing on Friday that Oando’s strong financial track record played a pivotal role in the decision-making process.
After extensive deliberation, Trinidad and Tobago’s Cabinet concluded that Oando Plc demonstrated the strongest credentials among the bidders.
“We had robust conversations and interrogations,” he said, emphasising the significance of the decision,” he said.
He decried the alleged decline of Petrotrin, the country’s energy company, Petrotrin since the government took office in 2015.
According to him, the company was struggling with losses of $361.5m in 2014, which rose to $1.2bn by 2016.
Oando Plc Emerges Winner for Guaracara Refinery in Trinidad and Tobago
A post on the Facebook of the Office of the Prime Minister, Stuart Young read: “Cabinet agreed to inform Trinidad Petroleum Holdings Limited of its non-objection to the pursuit of discussions with energy company Oando to negotiate the lease of the Guaracara refinery.
“An Evaluation Committee had been established to evaluate the request for proposals for the use of the Guaracara refinery.”
Young said the expressions of interest were reviewed by the committee consisting of industry professionals and that three companies were shortlisted.
According to him, the Evaluation Committee recommended that Oando Trading DMCC be the preferred bidder for the lease of the Guaracara refinery.
He assured of the government’s commitment to protecting Paria Fuel Trading Company Limited’s assets, ensuring a stable supply of domestic fuel for the population, and safeguarding Paria’s resources during the refinery restart process.
