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.
Young also made it clear that protecting Paria Fuel Trading Company’s assets was crucial to ensuring the continued supply of domestic fuel.
“We have to protect the assets of Paria to always ensure that we can provide domestic fuel to our population,” Young said. He stressed that any potential bidder must show a commitment to restarting the refinery and not just acquiring Paria’s assets for bunkering purposes.
Young also said that Oando’s proposal aligned with the government’s goals of reducing the state’s burden and creating flexibility for the future operation of the refinery, ensuring its restart would be prioritised.
