By Mercy Gadia
The NNPC Limited has signed a Memorandum of Understanding with two Chinese firms to facilitate the restart and expansion of the Warri and Port Harcourt refineries as part of efforts to boost Nigeria’s refining capacity.
The agreement, signed with Sanjiang Chemical Company Limited and Xingcheng (Fuzhou) Industrial Park Operation and Management Co. Ltd, is expected to pave the way for a Technical Equity Partnership aimed at completing and operating the facilities.
The deal was formalised in Jiaxing City, China, with the Group Chief Executive Officer of NNPC Ltd, Bashir Bayo Ojulari, leading the Nigerian delegation, alongside the Chinese partners’ executives.
Under the proposed framework, the collaboration will cover the completion of outstanding work at both refineries, as well as their operation and maintenance to achieve optimal and sustainable performance.
NNPC said the plan also includes expansion and upgrades to enable the facilities to meet cleaner fuel standards and improve profitability, while exploring opportunities in petrochemicals and gas-based industrial hubs.
Ojulari described the signing as a major milestone after months of engagement between all parties.
He said, “All parties recognise mutually beneficial opportunities for the development and long-term sustainable profitability of NNPC’s refining assets in Nigeria, and the collective weight required for success.”
He added that the MoU represents a critical step towards identifying technical partners to not only revive the refineries but also expand into petrochemical and gas-based industries.
The national oil firm noted that the agreement reflects a shared commitment to continue discussions in good faith, with final terms subject to necessary approvals.