Opposition Leader Kamla Persad-Bissessar is working against the government’s plans to lease the Pointe-a-Pierre refinery, urging delays until after elections. Her actions have previously discouraged potential investors like Naveen Jindal. Recent scrutiny of Oando plc has revealed a positive transformation, making it a strong candidate for managing the refinery, in contrast to the risks of state ownership.
The ongoing efforts to secure an investor for the Pointe-a-Pierre refinery have faced significant resistance from Opposition Leader Kamla Persad-Bissessar and her supporters. They have campaigned to halt the government’s initiative, arguing for a postponement of any lease agreement until after the elections, which raises concerns about managing the refinery as a state-owned entity given the history of state-run enterprises in Trinidad and Tobago.
Persad-Bissessar’s actions against potential investors began as early as June 2024, targeting Naveen Jindal, an Indian businessman interested in the refinery. She claimed Jindal was unsuitable due to his alleged connections to Venezuela and corruption charges in India, leading to his withdrawal from the bidding process, which detrimentally impacted Trinidad and Tobago’s chance for investment.
In October 2024, the Finance Minister revealed progress in securing investors, naming three shortlisted companies: Oando plc, Inca Energy LLC, and CRO Consortium. However, local media quickly reported on a probe involving Oando by the Nigerian SEC, which was misleading as the investigation had started in 2019 but was settled by 2021, thereby omitting Oando’s significant recovery and improved governance.
After deeper investigation, it was discovered that Oando had significantly transformed in recent years, appointing a new chairman, revamping its board, and improving governance. Its share price surged dramatically, reflecting renewed investor confidence, yet it continues to be labeled negatively by some public figures, raising questions about editorial bias in local reporting.
The decision facing Trinidad and Tobago is between a refinery managed under Kamla Persad-Bissessar’s leadership or by a more competent, investor-supported entity like Oando. The evidence suggests that Oando is not the disreputable company it was once believed to be, highlighting the need for thorough research and independent conclusions from the citizens regarding the refinery’s future management.
The government’s efforts to revive the Pointe-a-Pierre refinery face significant opposition from Kamla Persad-Bissessar, who seeks to delay investor negotiations until after elections. This has led to the loss of potential investors and prompted concerns over the management of state-run enterprises. Critical analysis of Oando plc reveals a strong recovery and governance improvement, making it a viable choice for the refinery’s operation over state management.
Original Source: newsday.co.tt
