Oando Plc, one of Nigeria’s leading oil companies, has been selected as the preferred bidder for the lease of the Guaracara refinery in Pointe-à-Pierre, Trinidad and Tobago. This move marks a major milestone in Oando’s international expansion, positioning the company for deeper integration into the Caribbean refining sector.
Strengthening Global Operations
Trinidad and Tobago’s Acting Prime Minister Stuart Young, who also serves as the Minister of Energy, announced the decision during a post-Cabinet media briefing in Port of Spain. He highlighted Oando’s financial strength and operational expertise as key factors behind its selection.
“Oando’s ability to handle large-scale transactions, including its $1.5 billion acquisition of ConocoPhillips’ Nigerian assets, demonstrated its financial and technical capability,” Young stated.
Oando’s bid was evaluated alongside the CRO Consortium, but the Nigerian oil giant’s track record in upstream financing gave it a competitive edge. The deal is structured as a lease, allowing Guaracara Refining Company Ltd to continue state ownership while granting Oando access to logistics assets under a commercial agreement.
Oando’s Expansion and Market Influence
Under the leadership of Wale Tinubu, Oando has aggressively expanded across the upstream, midstream, and downstream markets, cementing its influence in Nigeria’s energy sector and beyond.
The Guaracara refinery bid follows Oando’s acquisition of Angola’s Block KON 13 and its $783 million takeover of Nigerian Agip Oil Company, further reinforcing its position as a dominant energy player in Africa.
Financial Growth and Future Prospects
In 2024, Oando’s revenue surged 45 percent to $2.76 billion, driven by:
•Higher crude oil production
•Rising gas prices
•Favorable exchange rates
The company, which rebranded from Unipetrol in 2003, operates through Ocean and Oil Development Partners (OODP)—a joint venture with Omamofe Boyo, where Tinubu holds a 66.67 percent stake.
With this latest expansion into Trinidad and Tobago, Oando continues to strengthen its global presence, further positioning itself as a key player in the international energy market.
