The NNPC Limited has signed a Memorandum of Understanding (MoU) with two Chinese companies as part of efforts to restart and expand the Warri and Port Harcourt refineries.
- +NNPC signs MoU with Chinese firms to restart Warri, Port Harcourt refineries
This was disclosed in a press release dated May 3, 2026, and signed by the Chief Corporate Communications Officer of the company, Andy Odeh.
This was disclosed in a press release dated May 3, 2026, and signed by the Chief Corporate Communications Officer of the company, Andy Odeh.
The MoU was executed in Jiaxing City, China, on April 30, 2026, by the Group Chief Executive Officer of NNPC Ltd., Engr. Bashir Bayo Ojulari; Chairman of Sanjiang Chemical Company, Guan Jianzhong, Chairman of Xinganchen (Fuzhou) Industrial Park Operation and Management Co. Ltd, Bill Bi.
NNPC said the proposed partnership framework is expected to cover the completion of pending rehabilitation work at both refineries, as well as their operation and maintenance, with a focus on achieving efficient and sustainable performance.
It added that planned upgrades would improve product quality and enhance profitability.
The company further stated that the collaboration would also extend to expanding petrochemical capacity and unlocking broader gas and downstream opportunities through the development of industrial hubs.
Ojulari described the agreement as a key milestone after months of engagement between NNPC and the Chinese partners, noting that it signals growing alignment on the future of Nigeria’s refining assets.
He added that the agreement represents a major step towards securing technical equity partners needed to restart and expand the refineries, while also exploring opportunities in petrochemicals and gas-based industries.
The latest move comes amid ongoing efforts to revive Nigeria’s state-owned refineries, which have remained largely inactive for months.
The announcement follows NNPC’s recent denial of reports alleging the sale of scrap materials from its refineries, even as operations at the facilities have remained stalled.
However, in February 2026, Ojulari disclosed that the refineries were subsequently shut down after internal assessments showed they were operating at significant losses and eroding national value.
It was also in February that he also revealed at the time that NNPC was already in discussions with a Chinese petrochemical firm on refinery revival.
Despite the prolonged inactivity, NNPC has maintained that it will not sell the Port Harcourt Refining Company, reaffirming its commitment to rehabilitation and continued ownership amid calls for privatisation.
While it remains unclear whether the new MoU will ultimately lead to a successful restart of the refineries, the company recently reported a profit after tax of N276 billion for March 2026, according to its monthly performance report, suggesting improved financial standing as it pursues refinery revival.
