NNPC Chinese firms Warri refinery Port Harcourt refinery deal don mark big development for Nigeria oil sector as Nigerian National Petroleum Company Limited don sign agreement with two Chinese companies to restart, manage and expand major refineries for the country.
According to statement from NNPC, the agreement involve Sanjiang Chemical Company Limited and Xingcheng (Fuzhou) Industrial Park Operation and Management Co. Ltd, and na part of plan to bring back full operation for Warri Refining and Petrochemical Company and Port Harcourt Refining Company.
The Memorandum of Understanding (MoU) wey dem sign for Jiaxing on April 30, 2026, go lead to Technical Equity Partnership (TEP) wey go help complete rehabilitation work and ensure say the refineries dey run efficiently.
Meanwhile, NNPC Group CEO, Bashir Bayo Ojulari, describe the agreement as major breakthrough after long negotiation, saying the partnership go improve sustainability of Nigeria refining assets.
Furthermore, under the deal, the Chinese firms go help finish ongoing repairs, manage operations, and maintain the facilities to ensure steady performance. In addition, dem go explore expansion and upgrade of the refineries to meet modern clean fuel standards and increase petrochemical production.
Also, the partnership expected to support development of gas-based industrial hubs around the refineries, which go boost industrial growth and create more economic opportunities.
However, Ojulari clarify say the agreement still be non-binding and subject to regulatory approval and further discussions before full implementation.
Meanwhile, the rehabilitation of Port Harcourt refinery, wey cost about $1.5 billion, and Warri refinery, wey worth about $897 million, na part of government plan to reduce dependence on fuel import.
Finally, stakeholders believe say if the project succeed, e go improve fuel supply, reduce import cost, and strengthen Nigeria energy sector.
