Maroc - NEWSDAY.CO.TT - A la Une - Hier 06:08

Clear choice on refinery

THE EDITOR: This letter is my humble attempt at investigative journalism, sparked by a Facebook post that recently caught my attention. My research, conducted entirely online using published media reports, has led me to some concerning observations about the ongoing efforts to derail the Government’s plans to secure an investor for the Pointe-a-Pierre refinery. Opposition Leader Kamla Persad-Bissessar and her associates have been actively campaigning to stall the government’s efforts to lease and restart the refinery. Last week, Persad-Bissessar argued that the government should delay any lease agreement until after the election. I strongly disagree with this position, as her alternative plan – to restart the refinery as a state-owned entity – raises serious concerns given the history of state-run enterprises in TT. Persad-Bissessar’s efforts to disrupt the refinery lease process began as far back as June 2024, when she targeted Indian businessman Naveen Jindal, who had expressed interest in investing in the refinery. Persad-Bissessar claimed Jindal was unfit to do business with TT due to his alleged ties to Venezuela and ongoing corruption charges in India. Following the negative press, Jindal withdrew his interest, leaving the country with one less potential investor. Score: Persad-Bissessar 1, TT 0. In October 2024, the Finance Minister announced that the process to secure an investor was well advanced, with three companies shortlisted: Oando plc, Inca Energy LLC, and CRO Consortium. However, the very next day, local media ran a story titled “Refinery bidder Oando plc probed by Nigerian SEC.” What stood out about this story was its selective reporting. The Nigerian SEC probe into Oando had actually begun five years earlier, in 2019, following allegations of mismanagement, false disclosures, and market abuses. Trading of Oando shares was suspended on the Johannesburg and Nigerian stock exchanges pending the outcome. By 2021, the matter was settled, with Oando neither admitting nor denying culpability. Yet the local press failed to mention the company’s remarkable turnaround since then. This omission raises questions about the timing and intent of the story. The answer may lie in two recent developments: a Facebook post by former reporter Ken Ali, who argued against Oando’s suitability to run the refinery, and Persad-Bissessar’s subsequent call to delay the refinery lease until after the election. Intrigued by Ali’s post, I decided to investigate Oando further. What I discovered was surprising. Over the past three years, Oando has undergone a dramatic transformation. The company appointed a new chairman, revamped its board and management, and overhauled its governance systems. It has also pursued an aggressive growth strategy, including acquiring exploration acreage in Angola and making strategic investments. Investor confidence has soared, with Oando’s share price increasing dramatically – by 123 per cent in 2023 and an astonishing 529 per cent in 2024. While I hold no particular brief for Oando, the facts speak for themselves. The company’s recent performance and governance improvements suggest it is far from the “shady, inexperienced” entity portrayed in some quarters. The choice is clear: a refinery run by a Persad-Bissessar/OWTU government or one managed by a competent, investor-backed entity. For me, the decision is obvious. I urge readers to do their own research and draw their own conclusions. ALLISON CHANG Curepe The post Clear choice on refinery appeared first on Trinidad and Tobago Newsday.