GOVERNMENT has selected a proposal from Nigerian company Oando Trading DMCC to lease the former Petrotrin refinery in Pointe-a-Pierre with a view to restarting it.
Acting Prime Minister Stuart Young made the announcement at the post cabinet news conference at Whitehall on February 27.
In his 2024/2025 budget statement in Parliament on September 30, Finance Minister Colm Imbert said Cabinet short-listed three companies to acquire the refinery based on the recommendations of the selection committee and Scotia Capital.
These are locally-based CRO Consortium comprising DR Commodities Ltd, Chemie-Tech and Ocala, US-based INCA Energy LLC, and Nigeria-based Oando PLC.
Young said an evaluation committee, as well as Cabinet sub-committee chaired by Housing Minister Camille Robinson-Regis, examined the proposals presented by the three companies before reaching its decision.
He added Trinidad Petroleum Holdings Ltd (TPHL), the company formed after the restructuring of Petrotrin in November 2018, will now begin talks with Oando regarding the lease of the refinery.
Young expected Oando and the government's decision to accept its proposal would be attacked by the UNC and others.
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