The Trinidad and Tobago Cabinet has accepted the Evaluation Committee’s recommendation to select Oando Trading as the preferred bidder for the Petrotrin refinery in Pointe a Pierre. Acting Prime Minister Stuart Young announced the decision, stating that Oando has the necessary financial resources to resume refinery operations. The Cabinet has directed TPHL to pursue negotiations with Oando while cautioning against any attempts to disrupt the process.
The Cabinet of Trinidad and Tobago has approved the recommendation from an Evaluation Committee to designate Oando Trading as the preferred bidder for the Petrotrin refinery in Pointe a Pierre. Acting Prime Minister Stuart Young announced this decision, expressing confidence that Oando, which possesses the necessary funding, is capable of restarting and operationalizing the refinery.
Furthermore, the Cabinet resolved to communicate its non-objection regarding the Evaluation Committee’s recommendation to Trinidad Petroleum Holdings Limited (TPHL), enabling them to advance negotiations with Oando. At a post-Cabinet press conference, Minister Young emphasized the importance of safeguarding the deal against any potential disruptions from detractors.
Oando PLC stands as a prominent energy solutions provider in Africa, maintaining listings on both the Nigerian and Johannesburg Stock Exchanges. In the evaluation process, proposals were submitted by three entities: the locally-based CRO Consortium, INCA Energy LLC from the USA, and Oando PLC from Nigeria.
Earlier this year, Prime Minister Dr. Keith Rowley elucidated that the Petrotrin refinery was closed due to a lack of oil supply, which consequently resulted in significant financial losses for the country. He recounted a situation wherein accounting changes in 2017 or 2018 required Petrotrin to write off a considerable debt, leading to projections of annual losses totaling one billion dollars post-2019.
In summary, the Trinidad and Tobago Cabinet’s endorsement of Oando Trading as the preferred bidder marks a significant step toward revitalizing the Petrotrin refinery. The government’s decision to communicate with TPHL allows for potential advancement in negotiations. With Oando’s financial capacity and expertise, there is optimism for the operational recommencement of the refinery, addressing both the previous constraints and losses experienced by Petrotrin.
Original Source: trinidadexpress.com
