The Nigerian National Petroleum Company Limited is considering a new partnership arrangement that could see Chinese investors acquire a controlling stake in the Port Harcourt and Warri refineries as part of efforts to revive and expand the facilities.
The proposed deal follows the signing of a Memorandum of Understanding between NNPC and two Chinese firms; Sanjiang Chemical Company Limited and Xinganchen Industrial Park Operation and Management Co. Ltd, during a ceremony held in Jiaxing City, China, on April 30, 2026.
Under the arrangement, the Chinese partners may hold about 51 per cent equity in the refineries through a model reportedly similar to that of the Nigeria Liquefied Natural Gas company, which allows foreign investors to participate in ownership, governance, and long-term operations.
Sources familiar with the discussions revealed that the agreement goes beyond ordinary rehabilitation contracts and focuses on long-term commercial collaboration aimed at restoring refinery operations and improving profitability.
The proposed partnership is also expected to cover refinery maintenance, capacity expansion, cleaner fuel production, and the development of petrochemical and gas-based industrial hubs around the facilities.
NNPC Group Chief Executive Officer, Bayo Ojulari, described the agreement as a major step towards securing capable technical partners for the refineries after months of negotiations with the Chinese companies.
He noted that the collaboration could help restart and modernise Nigeria’s refining assets while opening opportunities for industrial growth.
However, the deal is still at the discussion stage and remains subject to regulatory approvals and final agreements by all parties involved.
SOURCE: ThePortCityNews
