TRINIDAD-TPHL denies media report of the collapse of the energy deal

PORT OF SPAIN, Trinidad, CMC -The state-owned Trinidad Petroleum Holdings Limited (TPHL) has dismissed as untrue a media report that a pre-election deal with the Nigeria-based Oando Energy Resources (OANDO) had “collapsed.”

In a brief statement, TPHL, responsible for managing Trinidad and Tobago’s oil and related assets, said it had taken note of journalist Ken Ali’s Facebook post on Monday, captioned “Petrotrin-OANDO pre-election deal collapses.”

“There is no truth to Mr. Ali’s claim that there has been any “collapse,” and his statements are unfortunate, unhelpful, misleading, and mischievous.

TPHL, which has four subsidiaries, Petrotrin, said that it and Oando had one face-to-face meeting on March 13 this year and three virtual meetings since then, the last of which was on April 10, 2025. It said the next meeting is scheduled for Wednesday.

“On April 17th, 2025, Oando sent documentation to TPHL, which TPHL is currently assessing to respond by April 22nd, 2025. Therefore, discussions are ongoing between Oando and TPHL as details are finalized for a refinery restart,” the TPHL said.

It said that since the “Cabinet approval of February 27, 2025, where Energy Minister Stuart Young, at the time, advised that the “ball is now in TPHL’s court to pursue the deal with Oando,” the TPHL team, made up of TPHL personnel, along with local and foreign advisors, has received no instruction or direction concerning discussions with Oando from Prime Minister Stuart Young or any other member of the Government.

In February, the then-Dr. Keith Rowley-led government announced that OANDO had been chosen as the preferred bidder to restart the Petrotrin oil refinery. The refinery closed due to the multi-billion (US) dollar losses it had been recording over the years.

Since its closure, several companies, including one owned by the Oilfield Workers Trade Union (OWTU), have been unsuccessful in their bids.

The OWTU has since publicly supported the main opposition United National Congress (UNC), which has warned that it “will pursue investigations against everyone who participates in this theft of the …refinery assets.”