THE Nigerian National Petroleum Company Limited (NNPC Ltd) has taken a major step toward restoring its refining capacity, signing a Memorandum of Understanding (MoU) with two Chinese firms to support the completion and operation of the Port Harcourt and Warri refineries.
The agreement, signed in Jiaxing City, China, on April 30, 2026, brings together NNPC Ltd’s Group Chief Executive Officer, Bayo Ojulari, alongside Guan Jianzhong of Sanjiang Chemical Company and Bill Bi of Xinganchen (Fuzhou) Industrial Park Operation and Management Co., Ltd.
The partnership is structured around a potential Technical Equity Partnership (TEP), aimed at addressing unfinished construction work and ensuring efficient long-term operation of both refineries.
According to NNPC Ltd, the collaboration will not only focus on completing the facilities but also on maintaining and upgrading them to meet modern, environmentally cleaner, and more profitable production standards.
The plan includes expanding petrochemical output and unlocking broader opportunities in gas and downstream industries, particularly through the development of integrated industrial hubs linked to the refineries.
The company emphasized that the MoU signals a shared commitment by all parties to continue discussions in good faith, with final agreements expected to follow pending necessary approvals.
Ojulari described the deal as a significant milestone, noting that it follows over six months of engagement between NNPC and its prospective partners.
He added that the collaboration reflects a mutual recognition of the long-term value and profitability potential of Nigeria’s refining assets when supported by the right technical and financial partnerships.
NNPC Ltd also reiterated that the agreement represents an important step in its broader strategy to identify capable partners who can help restart, expand, and sustainably manage the country’s refineries while tapping into opportunities in petrochemicals and gas-based industries.
