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Oando Plc, a Nigerian oil company owned by Wale Tinubu, nephew of President Bola Ahmed Tinubu, has advanced as one of three finalists to acquire Trinidad and Tobago's state-owned Petrotrin refinery.
During the country's national budget presentation, Trinidad's Finance Minister, Colm Imbert, revealed the shortlist, highlighting Oando as one of three companies competing to revitalise the long-defunct refinery.
"After evaluating 10 initial proposals, we narrowed down to three final contenders," Imbert said, listing Oando alongside Trinidad's CRO Consortium and American energy firm INCA Energy.
"A formal Request for Proposals process will now follow, aimed at selecting the company best suited to restart the refinery, should it prove feasible," he added, underscoring the strategic criteria that guided the selection.
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Trinidad launched the bidding process in February 2024, enlisting US-based Scotia Capital to facilitate the refinery's procurement. The criteria for finalists included a concrete restart plan, robust operational timelines, and a clear path to refinery activation—a requirement heightened by Trinidad and Tobago's historical role as a petroleum product supplier to Nigeria.
The move highlights contrasting fortunes for Nigeria's oil refineries. While the Petrotrin facility in Trinidad is eyeing rejuvenation, Nigeria's state-run refineries in Port Harcourt, Warri, and Kaduna have remained dormant despite multiple revitalisation promises by the Nigerian National Petroleum Company Limited (NNPC).
Missed production deadlines at the Port Harcourt refinery further underscore Nigeria's struggle to revive domestic production.
The final decision on Petrotrin's fate could have implications for both Trinidad's energy sector and Nigeria's dependency on foreign petroleum products.