The Nigerian National Petroleum Company Limited has entered into a fresh agreement with two Chinese firms aimed at accelerating the long-delayed rehabilitation and operational restart of Nigeria’s key refineries in Port Harcourt and Warri, marking a renewed push to revive the country’s struggling refining sector.
The agreement, structured as a Memorandum of Understanding (MoU), was signed with Sanjiang Chemical Company Limited and Xingcheng (Fuzhou) Industrial Park Operation and Management Co. Ltd on April 30, 2026, in Jiaxing City, China.
According to the NNPC, the deal is aimed at exploring a Technical Equity Partnership model that would not only support the completion of outstanding rehabilitation works at the Port Harcourt and Warri refineries but also ensure long-term operational efficiency and sustainability.
The signing was led by the Group Chief Executive Officer of NNPC Ltd, Bashir Bayo Ojulari, alongside top executives of the Chinese firms, with the national oil company describing the agreement as a “critical milestone” in its refinery transformation agenda.
In a statement released on Monday by NNPC’s Chief Corporate Communications Officer, Andy Odeh, the partnership is expected to go beyond rehabilitation into full-scale operation and maintenance of the facilities.
The company added that the collaboration will also explore expansion opportunities, including the production of cleaner fuels and higher-value petroleum products in line with global energy transition standards.
NNPC noted that the proposed framework introduces a shift from traditional contractor-based turnaround maintenance to a performance-driven equity model, where partners share both risks and returns based on operational outcomes.
Ojulari, speaking after the signing ceremony, said the agreement followed more than six months of technical and commercial discussions between both parties.
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He said the model reflects “mutually beneficial opportunities” for sustainable profitability and improved efficiency of Nigeria’s refining assets.
He also explained that the initiative is part of a broader strategy to reposition the refineries into integrated energy hubs, with potential co-located petrochemical and gas-based industrial developments.
According to him, “This is an important step towards identifying potential technical equity partners to restart and expand NNPC’s refineries and unlock wider industrial opportunities.”
The plan also aligns with ongoing efforts to reduce Nigeria’s dependence on imported refined petroleum products, a challenge that has persisted for decades despite repeated rehabilitation attempts.
If successfully implemented, the partnership could transform the Port Harcourt and Warri complexes into modern refining and petrochemical centres, boosting domestic fuel production and supporting industrial growth.
However, NNPC clarified that the MoU remains a non-binding agreement, with final commitments subject to regulatory approvals and detailed commercial negotiations.