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OANDO PLC has been selected as the preferred bidder for the lease of the Guaracara refinery, as announced by Minister of Energy Stuart Young. He said the decision was primarily based on Oando's strong financial track record, highlighting its $1.5 billion acquisition of ConocoPhillips' assets in Nigeria.

Speaking at a media briefing at Whitehall on February 27, Young said Cabinet had taken "considerable time" discussing the decision.

"We had robust conversations and interrogations," he said, emphasising the significance of the decision.