The Guaracara refinery rehabilitation project in Trinidad and Tobago, managed by Nigeria’s energy giant Oando PLC, could resume operations within a year—much earlier than the previously projected 2028 restart date—according to local reports.
The update was disclosed by Jai Leladharsingh, Coordinator of the Confederation of Regional Business Chambers, who confirmed that funding discussions are currently ongoing to support the refinery’s revival.
“All things being equal, I see the refinery opening up within a year. Once the starting process has begun, it can open up within a year of that time,” Leladharsingh said.
On Wednesday, the business chambers met with several trade unions to map out a collaborative strategy to restart the refinery under the new United National Congress (UNC) government.
“We didn’t get into specifics at this time, but what they wanted is assistance from the Confederation regarding business modelling, strategic planning, technical and non-technical training, and project management…which we have agreed to work (on) with the unions for the start-up of the refinery,” he added.
Leladharsingh noted that the refinery’s reopening will be phased and is expected to create direct employment while reactivating opportunities for former contractors, suppliers, and service providers.
He stressed that the rehabilitation project would significantly boost local production and help ease Trinidad and Tobago’s foreign exchange crisis through increased energy exports.
Oando secured the bid in February 2024 to revive the mothballed 175,000 barrels-per-day Guaracara refinery—a landmark deal that marked the Nigerian energy company’s entry into the Caribbean market.
The decision to award the contract to Oando was reportedly influenced by the firm’s solid financial track record, especially its recent $1.5 billion acquisition of Agip’s assets in Nigeria.
Once operational, the refinery is expected to process up to 120,000 barrels of crude oil per day, offering a significant boost to Trinidad and Tobago’s downstream petroleum industry.
Leladharsingh further revealed that the unions have requested the Confederation’s technical support to help them recoup their investments and profits once operations begin.
Under the proposed lease agreement, Oando will manage and operate the refinery, generating revenue while ownership remains with the Trinidadian government.
However, final discussions on the operational and financial terms are still ongoing.
Located in Pointe-a-Pierre, the Guaracara refinery is one of four major national assets managed by Trinidad Petroleum.
The plant was shut down in 2018 but has remained a central focus of the government’s plans to restore domestic refining capacity.
As of February, the rehabilitation of the century-old refinery was scheduled to begin in the second half of this year.
According to Leladharsingh, the Confederation and the unions will reconvene next month to finalize their collaboration and assess the current condition of the facility.
This planned restart of the Guaracara refinery, backed by Oando, could redefine Trinidad and Tobago’s energy future and strengthen bilateral energy ties with Nigeria.
