The Nigerian National Petroleum Company (NNPC) Limited has signed a memorandum of understanding (MoU) with two Chinese firms to explore a partnership for the completion and operation of the Port Harcourt and Warri refineries.
The agreement was signed with Sanjiang Chemical Company Limited and Xinganchen (Fuzhou) Industrial Park Operation and Management Co. Ltd in Jiaxing City, China, on April 30.
According to a statement by Andy Odeh, NNPC’s chief corporate communications officer, on Monday, the proposed collaboration will be structured as a technical equity partnership.
The framework, the company said, will cover the completion of outstanding work at the refineries, as well as their operation and maintenance.
NNPC added that the partnership will also explore the expansion and upgrade of the facilities to improve efficiency and profitability.
Commenting on the deal, Bashir Ojulari, group chief executive officer (GCEO) of NNPC, said the agreement followed months of engagement between the parties.
“All parties recognise mutually beneficial opportunities for the development and long-term sustainable profitability of NNPC’s refining assets in Nigeria,” he said.
Ojulari said the MoU represents a step towards identifying technical partners to restart and expand the refineries.
He added that the discussions will also cover the development of petrochemical capacity and gas-based industrial hubs around the facilities.
“The MoU is a significant step in identifying potential technical equity partners to restart and expand NNPC’s refineries,” he said.
According to the statement, NNPC said the agreement reflects the intention of the parties to continue discussions, with final arrangements subject to approvals.
On July 11, 2025, Ojulari said it was becoming more complicated to revamp state-owned refineries.
Three months later, NNPC said it had commenced a comprehensive technical and commercial review of the moribund refineries in Warri, Port Harcourt, and Kaduna.
In November last year, Olu Verheijen, special adviser to President Bola Tinubu on energy, said the federal government is open to selling NNPC’s refineries.
