Oando Plc, an oil company owned by Wale Tinubu, the nephew of President Bola Tinubu, has been shortlisted by the government of Trinidad and Tobago as one of three finalists to acquire the country’s state-owned refinery, Petrotrin. Trinidad’s Finance Minister, Colm Imbert, revealed this development during the presentation of the national budget, highlighting that Oando was among the top contenders after an initial 10 proposals were received.

The two other companies shortlisted alongside Oando are CRO Consortium, a group of three Trinidadian firms, and INCA Energy, an American company. The bidding process, led by US-based Scotia Capital, began in February 2024, when expressions of interest were invited to restart the refinery. The three finalists were chosen based on their ability to present a clear restart plan and timeline.

Petrotrin, once a key player in Trinidad and Tobago’s energy sector, is a defunct state-owned oil company, and its revival is seen as critical for the country’s economy. Nigeria, which imports petroleum products from Trinidad and Tobago, also faces its own challenges with its domestic refineries. Despite several deadlines, the Nigerian National Petroleum Company Limited (NNPCL) has struggled to restart production at Nigeria’s state-owned refineries, including those in Port Harcourt, Warri, and Kaduna.

The bid by Oando Plc aligns with growing efforts by Nigerian companies to expand their influence in the global energy market while also highlighting the country’s persistent struggles with local petroleum production.