
The refinery, located in Pointe-a-Pierre, Trinidad, has been inactive since 2018, following years of financial losses, with the latest figures showing accumulated losses of $15 billion and a public debt of $3 billion. Once a major supplier of oil to the Caribbean region, the refinery has been a key asset since its construction in 1917, with various ownership changes over the years.
In February 2024, the bidding process was initiated by the Trinidadian government, which engaged U.S.-based Scotia Capital to manage the procurement process. Oando and the two other shortlisted companies were selected from an initial pool of 10 proposals. The government will now move forward with a formal selective Request for Proposals (RFP) to determine which of the three will be awarded the contract to restart the refinery, should it be deemed feasible.
The evaluation process focused on five key criteria, including the bidders’ restart plan and timeline, asset integrity assessment, utility requirements, crude supply sources, a viable financing plan, and an agreement with Paria, Trinidad’s state oil company, to ensure the country’s fuel security.
Oando’s shortlisting comes just after the company’s $783 million acquisition of Nigerian Agip Oil Company (NAOC) in August. This acquisition has significantly increased Oando’s presence in Nigeria’s oil and gas sector, giving it control over 40 oil and gas fields, 24 of which are currently in production.
As Oando continues to expand its operations, this potential acquisition of the Trinidad refinery could further strengthen its international presence and align with its growth strategy in the oil and gas industry.