WHAT WE DO

Refining

Oando's Refining Division was established in 2005 and is charged with spearheading Oando's entry into the refining sector as well as managing Oando's assets and investments in the sector thereafter.

Oando continues to investigate the "Greenfield" refinery in Lekki as well as monitor the privatization process of the Tema Oil Refinery (TOR) in Ghana.

On the "Greenfield" refinery, Oando has recently been successful in securing a large equity and technical partner to work with in developing this long term project. Our partners have recently commissioned their own large refinery and are committed to developing similar projects in Nigeria and West Africa in partnership with us.

In Ghana, Oando has made several representations to the Ghanaian Government with respect to their plans to privatize the Tema Oil Refinery (TOR) and we await the commencement of their privatization programme. However, as with most national assets that are deemed to be "strategic", we do not expect the TOR process to be completed until 2008.

Our Plans

Over the coming year, we plan to finalize the conceptual design of the Greenfield facility which will be further refined in detailed engineering in the coming years. Our expectation of commencement of construction is presently 2010.

Oando continues to view refinery assets, PHRC and the "Greenfield" refinery in particular, as crucial components of Oando's growth story.