Nigerian oil company Oando Plc has been shortlisted as one of the final three contenders to acquire Trinidad and Tobago’s state-owned refinery, Petrotrin. This development was revealed by Trinidadian Finance Minister Colm Imbert during the presentation of the country’s national budget on September 30. The refinery, which has been inactive since 2018, is undergoing a bidding process for a possible restart.
Imbert confirmed that Oando Plc, along with two other contenders — CRO Consortium, made up of three Trinidadian companies, and the American firm INCA Energy — have been shortlisted from an initial pool of 10 bidders. The bidding process began in February 2024, when the Trinidadian government, through US-based Scotia Capital, invited expressions of interest to take over the refinery.
“A formal selective Request for Proposals will now be initiated to determine the winner among these three companies, with a view to restarting the refinery if found feasible,” Imbert said.
The bids were evaluated on key factors, including a detailed restart plan and timeline that covers an asset integrity assessment, utility needs such as power, natural gas, and water, and a viable financing strategy. Proposals also needed to outline an agreement with Paria, the state oil company, to protect Trinidad’s national interests in fuel security while managing Heritage’s crude supply.
The Petrotrin refinery, located in Pointe-a-Pierre, has been closed since 2018 after years of financial losses, which amounted to $2 billion annually according to Prime Minister Keith Rowley at the time. The facility accumulated losses of $15 billion as of the last audit, and the government has been managing $3 billion in public debt linked to the company.
The Petrotrin refinery, built in 1917, was once the major oil supplier to the Caribbean region. Over its history, it was acquired by Texaco in 1956, nationalized in 1984, and eventually became part of Petrotrin in 1993. After its closure in 2018, Petrotrin was divided into four companies, with Guaracara Refining Company now holding the refinery and other assets up for sale.
Oando Plc, which recently completed a $783 million acquisition of Nigerian Agip Oil Company, expanding its control over 40 oil and gas fields, is looking to further strengthen its portfolio with the Petrotrin acquisition.
