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CCNTV6
  • 8 months ago
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00:00InsideBusiness is brought to you by Quartz.
00:14On February 27th, Energy Minister Stuart Young,
00:18acting as Prime Minister in Dr. Keith Rowley's absence,
00:22announced that Nigerian Energy Group Owando PLC
00:26had been selected for the lease of the Guarakara refinery.
00:29And yesterday, Owando confirmed that it had been formally advised in writing
00:35of its selection as the preferred bidder by Trinidad Petroleum Holdings Ltd. TPHL.
00:41According to Owando, this partnership with Trinidad and Tobago
00:45represents a strategic bridge between Africa and the Caribbean.
00:50Owando says its involvement in the refinery will serve as a catalyst
00:54for deeper Afro-Caribbean collaboration in the energy sector,
00:58paving the way for increased trade, investment and knowledge exchange.
01:04Commenting on the announcement, Group CEO of Owando PLC,
01:08Wael Tanubu Khan, said,
01:11We are honoured by the confidence the Trinidadian government has placed in us with this award.
01:16This strategic investment aligns with our long-term vision
01:20of expanding into high-potential regions and growing our operational footprint,
01:25leveraging our vast technical expertise and global partnerships to finance projects.
01:31We recognize the significance of this opportunity
01:34and look forward to working with all stakeholders
01:37to deliver maximum value for all parties involved."
01:41Owando says with a capacity of 175,000 barrels per day
01:46and a Nelson Complexity Index of 8.0,
01:50the Guaracara refinery is well-suited for processing regional crude oils
01:55and supplying both domestic and regional markets with refined products.
02:00Owando says the next steps in the process involve detailed discussions
02:05with the government and regulatory authorities
02:08to finalize the lease agreement and operational framework.
02:11Vishana Pagu for InsideBusiness.
02:20Was brought to you by Quartz.
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