Nigeria-based Oando PLC has been named as the preferred bidder for lease of the Pointe-a-Pierre refinery.

This announcement came today from Energy Minister and Acting Prime Minister Stuart Young, during the Post Cabinet News Conference.

He explained what how the refinery will operate under the proposed deal.

He says the ball is now in TPHL’s court, to pursue the deal with Oando.

NB: TPHL (Trinidad Petroleum Holdings Limited) is responsible for managing T&T’s oil and related assets. It has four subsidiaries – Heritage Petroleum Company Limited; Paria Fuel Trading Company Limited; Guaracara Refinery Limited and Petroleum Company of T&T (Petrotrin).

Mr Young also sought to dispel concerns about Oando, saying while it would have had issues in the past, it is now one of the largest companies in Nigeria.

YOUNG RESPONDS TO US MOVE REGARDING OIL & GAS LICENSES WITH VENEZUELA

Mr Young also responded to recent developments in the US which could endanger this country’s energy agreements with Venezuela.

US Secretary of State Marco Rubio posted a message on X, stating, “Today, pursuant to POTUS directive, I am providing foreign policy guidance to terminate all Biden-era oil and gas licenses that have shamefully bankrolled the illegitimate Maduro regime.”

Mr Young says he can give no assurances at this time, but says diplomatic efforts are being made with regard to this matter.