The Cabinet of Trinidad and Tobago has endorsed Oando Trading as the preferred bidder for the Pointe a Pierre refinery, following a recommendation from an Evaluation Committee. Acting Prime Minister Stuart Young re emphasized the importance of finalizing this deal while warning against potential interference. The refinery’s challenges stemmed from financial losses, prompting government intervention and restructuring.
The Cabinet has made a pivotal decision regarding the Pointe a Pierre refinery, endorsing Oando Trading as the preferred bidder based on an Evaluation Committee’s findings. Acting Prime Minister Stuart Young confirmed that the Cabinet accepted this recommendation, which allows Trinidad Petroleum Holdings Limited (TPHL) to move forward with negotiations with Oando, a Nigerian company capable of reviving refinery operations. Young emphasized the importance of the deal and cautioned against individuals trying to sabotage it.
Oando PLC, noted as one of Africa’s top energy solution providers, is listed on both the Nigerian and Johannesburg Stock Exchanges. The evaluation also considered proposals from CRO Consortium, a local group, and INCA Energy LLC from the USA. Prime Minister Dr. Keith Rowley previously cited operational challenges and financial losses as reasons for the Petrotrin refinery’s closure, attributing substantial debt and projected ongoing losses as factors necessitating government intervention and restructuring.
Rowley highlighted the financial turnaround achieved post-restructuring, with the Minister of Finance now receiving royalties and taxes from the company. He noted that Paria, associated with Petrotrin, has begun making profits. Initially, the government offered the opportunity to run the refinery to the Oilfields Workers’ Trade Union’s proposal; however, that bid was deemed unviable due to financial constraints, revealing the complexities of operating a large refinery within the current economic climate.
The Cabinet’s selection of Oando Trading as the favored bidder for the Pointe a Pierre refinery marks a crucial step towards revitalizing operations. Acting Prime Minister Young urged stakeholders to support the deal while warning against any potential disruptions. The government’s restructuring efforts appear to be yielding financial benefits, but the successful operation of the refinery hinges on Oando’s capacity to execute the agreement effectively.
Original Source: trinidadexpress.com
