Nigerian company, Oando PLC is preferred bidder for refinery

Oan­do PLC has been cho­sen as the pre­ferred bid­der for the lease of the Guaracara re­fin­ery.

Act­ing Prime Min­is­ter Stu­art Young, (al­so Min­is­ter of En­er­gy) said the de­ci­sion was large­ly based on Oan­do’s strong fi­nan­cial track record, par­tic­u­lar­ly its $1.5 bil­lion ac­qui­si­tion of Cono­coPhillips’ as­sets in Nige­ria.

The eval­u­a­tion com­mit­tee not­ed that both Oan­do and the CRO Con­sor­tium had sim­i­lar ca­pa­bil­i­ties in op­er­at­ing re­finer­ies, but Oan­do’s abil­i­ty to se­cure sub­stan­tial fi­nanc­ing in the up­stream oil sec­tor gave it an ad­van­tage.