Oando PLC, Nigeria’s leading energy company, has announced that its trading subsidiary, Oando Trading, has emerged as the preferred bidder for the lease of Guaracara Refining Company Limited (GRC)’s refinery assets in Trinidad and Tobago.
This move strengthens Oando’s presence in the global energy sector and aligns with its strategy to expand into the Caribbean region.
The announcement was made by the Minister for Energy of Trinidad and Tobago on February 27, 2025. Oando stated that securing the refinery lease demonstrates its credibility, innovation, and capacity for infrastructure development.
Oando sees this as a strategic bridge between Africa and the Caribbean, with the refinery project serving as a platform for greater trade, investment, and knowledge exchange between the two regions.
Speaking on the development, Chief Compliance Officer & Company Secretary of Oando PLC, Ayotola Jagun, emphasized that the acquisition reflects Africa’s increasing influence in the global energy market and showcases the role of African companies in driving economic transformation across international borders.
Wale Tinubu, Group Chief Executive of Oando PLC, also expressed gratitude to the Trinidadian government for the opportunity, stating:“This strategic investment aligns with our long-term vision of expanding into high-potential regions and growing our operational footprint. We will leverage our vast technical expertise and global partnerships to finance and manage this project efficiently.”
The refinery, located in Pointe-à-Pierre, Trinidad and Tobago, has played a major role in the country’s oil industry for over 100 years. With a refining capacity of 175,000 barrels per day (bpd) and a Nelson Complexity Index of 8.0, it is well-suited for processing crude oil from the region and supplying refined products to both local and regional markets.
Oando revealed that the next phase involves detailed discussions with the Trinidadian government and regulatory authorities to finalize the lease agreement and operational framework. The company has assured stakeholders and the public that it will continue to provide updates as the process progresses.
This deal marks a significant milestone in Oando’s journey to expand its operations globally, further strengthening economic ties between Africa and the Caribbean.
