Oando, one of Nigeria’s leading oil companies, has secured the lease to revive a refinery in Trinidad and Tobago, marking a significant deal with the potential to strengthen economic ties between Africa and the Caribbean.
The announcement was made by Trinidad and Tobago’s Energy Minister Stuart Young on February 27, 2025, during a post-Cabinet media briefing at Whitehall, Port-of-Spain.
Young outlined the work of the evaluation committee, which received advisory support from Scotia International, based in Houston, Texas.
The deal is expected to boost capacity at the country’s Guaracara refinery in Pointe-a-Pierre and create numerous job opportunities.
“We are pleased to announce that after a rigorous bidding process, a Nigerian oil firm emerged as the preferred bidder for this crucial project,” said Minister Young during the press conference. “This partnership is a testament to the growing collaboration between our two regions and the potential for mutual economic growth.”
The refinery, expected to process 120,000 barrels of crude oil per day upon completion, will significantly enhance Trinidad and Tobago’s ability to meet domestic and regional energy demands.
The Nigerian company’s expertise and investment are seen as key drivers for the project’s success.
Young, who also serves as the country’s Acting Prime Minister, said the choice of Oando was largely informed by the firm’s strong financial track record, particularly its $1.5 billion acquisition of Agip’s (ConoccoPhillip’s) assets in Nigeria, which pushed its revenues to record highs in the first nine months of 2024.
The evaluation committee noted that Oando’s ability to secure substantial financing placed it ahead of CRO Consortium, a close second with similar capabilities in operating refineries.
“This is a historic moment for us,” said the CEO of the Nigerian oil firm. “We are honored to be entrusted with this important project and are committed to delivering a world-class refinery that will benefit the people of Trinidad and Tobago and beyond.”
The mothballed 165,000 barrels per day Guaracara Refinery is one of the four key national assets managed by Trinidad Petroleum Holdings Limited (Trinidad Petroleum).
In 2024, the government expressed interest in reviving the refinery, which had been closed for six years.
The rehabilitation project is set to begin in the second half of 2025 and is expected to be completed by 2028.
Under the lease arrangement, Oando, the integrated Nigerian firm which also recently won an oil block bid in Angola, will operate the refinery and generate revenues once completed, while the Government of Trinidad and Tobago will retain ownership of the facility.
