Oando Nigeria’s subsidiary, Oando Buying and selling, has been formally chosen as the popular bidder to lease the refinery property of Guaracara Refining Firm, GRC, from Trinidad Petroleum Holdings Ltd., TPHL.
The choice adopted a proper written notification and an announcement by the Honourable Minister for Power of Trinidad and Tobago on Feb.27.
A company disclosure launched via the Nigerian Alternate Ltd., NGX, on Tuesday, reported that Oando Nigeria is listed on each the NGX and the Johannesburg Inventory Alternate, JSE.
Oando’s Group Chief Govt, Wale Tinubu, mentioned that the event underscored the corporate’s monitor document of reliability, innovation, and infrastructure improvement.
He mentioned these qualities aligned with the corporate’s strategic imaginative and prescient of increasing throughout the Caribbean area.
In response to him, the partnership serves as a strategic bridge between Africa and the Caribbean, with Oando’s involvement within the refinery performing as a catalyst for deeper Afro-Caribbean collaboration within the power sector.
Mr Tinubu added that the initiative would pave the best way for elevated commerce, funding, and data change.
He famous that the feat highlighted Africa’s rising affect within the international power panorama and the position of indigenous African corporations in driving financial transformation throughout borders.
“We’re honoured by the boldness the Trinidadian Authorities has positioned in us with this award.
“This strategic funding aligns with our long-term imaginative and prescient of increasing into high-potential areas, rising our operational footprint, leveraging our huge technical experience and international partnerships to finance tasks.
“We recognise the importance of this chance and look ahead to working with all stakeholders to ship most worth for all events concerned.
“The refinery, positioned in Pointe-à-Pierre, Trinidad and Tobago, is an important power asset within the Caribbean,” he mentioned.
He added that, “It was established over a century in the past and traditionally has been the cornerstone of Trinidad and Tobago’s oil business.
“With a capability of 175,000 barrels per day and a Nelson Complexity Index of 8.0, the refinery is well-suited for processing regional crude oils and supplying each home and regional markets with refined merchandise.”
Mr Tunubu famous that the subsequent steps within the course of concerned detailed discussions with the federal government and regulatory authorities to finalise the lease settlement and operational framework.
“As this course of progresses, Oando will proceed to offer well timed updates to stakeholders and the general public,” he mentioned.NAN
