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Oando Selected as Preferred Bidder for Lease of Guaracara Refinery in Trinidad & Tobago
Oando PLC
(Incorporated in Nigeria and registered as an external
company in South Africa)
Registration number: RC 6474
(External company registration number 2005/038824/10)
Share Code on the JSE Limited: OAO
Share Code on the Nigerian Stock Exchange: UNTP
ISIN: NGOANDO00002
("Oando" or the "Company")
11th March 2025
PRESS STATEMENT
Oando Selected as Preferred Bidder for Lease of Guaracara Refinery in
Trinidad & Tobago
Lagos, Nigeria – Oando PLC (referred to as "Oando" or the "Group"), Nigeria's leading indigenous
energy group listed on both the Nigerian Exchange Limited (NGX) and Johannesburg Stock
Exchange (JSE), is pleased to report that following the announcement by the Honorable Minister
for Energy of Trinidad and Tobago on Thursday February 27, 2025, its trading subsidiary, Oando
Trading, has been formally advised in writing of its selection as the preferred bidder for the lease
of the Guaracara Refining Company Limited (GRC)'s refinery assets from Trinidad Petroleum
Holdings Ltd (TPHL).
This award underscores Oando's track record of reliability, innovation, infrastructure development
and aligns with its Corporate Strategic Vision of expanding across the Caribbean region.
This partnership also represents a strategic bridge between Africa and the Caribbean as
Oando's involvement in the Refinery will serve as a catalyst for deeper Afro-Caribbean
collaboration in the energy sector, paving the way for increased trade, investment, and
knowledge exchange. This initiative underscores Africa's growing influence in the global
energy landscape and highlights the role of indigenous African companies in fostering
economic transformation across borders.
Commenting on the announcement, Wale Tinubu CON, Group Chief Executive of Oando PLC,
said: "We are honored by the confidence the Trinidadian government has placed in us with this
award. This strategic investment aligns with our long-term vision of expanding into high-potential
regions and growing our operational footprint, leveraging our vast technical expertise and global
partnerships to finance projects. We recognize the significance of this opportunity and look
forward to working with all stakeholders to deliver maximum value for all parties involved."
The Refinery, located in Pointe-à-Pierre, Trinidad and Tobago, is a vital energy asset in
the Caribbean. It was established over a century ago and historically has been the
cornerstone of Trinidad and Tobago's oil industry. With a capacity 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 both domestic and regional markets with refined products.
The next steps in the process involve detailed discussions with the government and
regulatory authorities to finalize the lease agreement and operational framework. As this
process progresses, Oando PLC will continue to provide timely updates to stakeholders
and the public.
For: Oando PLC
Ayotola Jagun
Chief Compliance Officer & Company Secretary
JSE Sponsor to Oando
Questco Corporate Advisory Proprietary Limited
Date: 11-03-2025 04:29:00
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