Tinubu’s Oando bid to acquire Trinidad’s Petrotrin Refinery
Oando Plc, a leading Nigerian oil company owned by Wale Tinubu, nephew of Nigerian President Bola Ahmed Tinubu, has emerged as one of the final contenders in the bid to acquire Trinidad and Tobago’s state-owned Petrotrin refinery. The announcement was made during Trinidad’s national budget presentation by the country’s Finance Minister, Colm Imbert, revealing Oando as one of three companies shortlisted to potentially revive the long-dormant refinery.
“After evaluating 10 initial proposals, we narrowed down the competition to three final contenders,” Imbert stated, listing Oando Plc alongside Trinidad’s CRO Consortium and U.S.-based energy firm INCA Energy. The refinery, which has been idle for several years, represents a significant opportunity for the shortlisted bidders to breathe new life into Trinidad’s energy sector.
Imbert further explained that a formal Request for Proposals (RFP) process will now follow, designed to select the company best equipped to restart the refinery, provided that such an endeavor proves viable. The criteria for selecting the finalists were stringent, including the submission of a detailed restart plan, a clear operational timeline, and an actionable pathway toward bringing the refinery back online.
Trinidad and Tobago initiated the bidding process in February 2024, with Scotia Capital, a U.S.-based firm, overseeing the procurement. The Petrotrin refinery, once a crucial supplier of petroleum products to markets such as Nigeria, has been non-operational since 2018. The successful bidder will inherit the responsibility of resuscitating the refinery, a task that involves overcoming technical, logistical, and financial challenges.
Oando Plc’s advancement to the final round highlights the company’s growing presence on the global stage. If successful, it would not only mark a significant international acquisition for the Nigerian oil firm but also have broader implications for the energy sectors in both Trinidad and Nigeria.
The bid for Trinidad’s refinery comes at a time when Nigeria’s own state-run refineries remain in a state of disrepair. Despite numerous promises from the Nigerian National Petroleum Company Limited (NNPC) to revitalize the country’s refineries in Port Harcourt, Warri, and Kaduna, these facilities have remained dormant, unable to meet domestic petroleum demands. Recent missed deadlines for production at the Port Harcourt refinery have further highlighted Nigeria’s ongoing struggles to achieve self-sufficiency in petroleum production.
In contrast, Trinidad and Tobago’s refinery offers a glimmer of hope for the revival of a key asset in the global energy market. The Petrotrin facility, once a major supplier of petroleum products to countries like Nigeria, could potentially play a role in addressing Nigeria’s continued reliance on imported refined petroleum products if the refinery is restored to operational status.
The final decision on which company will acquire and restart the Petrotrin refinery is expected in the coming months. Should Oando be selected, the acquisition could strengthen Nigeria’s footprint in the global oil and gas industry while providing a vital boost to Trinidad’s energy sector. The outcome will likely shape the future of both nations’ petroleum industries.
