Oil marketers under the Independent Petroleum Marketers Association of Nigeria (IPMAN) have urged the Nigerian National Petroleum Company Limited (NNPCL) to fast-track the proposed Technical Equity Partnership with two Chinese companies for the completion and operation of the Warri and Port Harcourt refineries.
- +IPMAN raises concerns over delayed Chinese refinery partnership
They expressed concern that the conclusion of the agreement with the Chinese firms is taking too long, arguing that the delay is preventing Nigerians from benefiting from the expected economic and social impact of the investment.
They expressed concern that the conclusion of the agreement with the Chinese firms is taking too long, arguing that the delay is preventing Nigerians from benefiting from the expected economic and social impact of the investment.
This was disclosed in a statement signed by the Former Unit Chairman and Zonal Secretary, IPMAN Eastern Zone (System 2E), Comrade Inimgba Emmanuel Okubowei, during a chat with journalists at the Good Governance Summit organised by the Working People United (WOPU) in Abuja.
The oil marketers said the conclusion of the partnership with Sanjiang Chemical Company Limited and Xinganchen (Fuzhou) Industrial Park Operation and Management Co. Ltd would help restore refining capacity, increase competition in the downstream sector, and reduce petroleum product prices for Nigerians.
The association said the partnership, which was initiated through the signing of a Memorandum of Understanding (MoU) on April 30, 2026, would support the completion and operation of the Warri and Port Harcourt refineries.
Okubowei said the agreement would strengthen Nigeria’s downstream petroleum sector, attract fresh investment, improve refining capacity, enhance product availability, and increase investor confidence in the oil and gas industry.
He added that the completion of the partnership would help reduce petroleum prices through increased domestic refining capacity and stronger market competition.
IPMAN maintained that additional technically competent operators entering Nigeria’s refining industry would encourage efficiency and provide consumers with more affordable petroleum products.
The marketers said healthy competition remains one of the most effective ways to ensure fair pricing in Nigeria’s downstream petroleum sector. They argued that the entry of more operators into refining would reduce monopolistic tendencies and improve supply stability.
The association said timely execution of the agreement would boost energy security, create employment opportunities, stimulate economic growth, and provide relief to Nigerians.
IPMAN stressed that transparency, accountability and timely communication from NNPCL would strengthen public confidence in the refinery partnership and reassure stakeholders that the project remains on track.
NNPCL had, in May 2026, signed an MoU with two Chinese companies as part of efforts to restart and expand the Warri and Port Harcourt refineries. The agreement was executed in Jiaxing City, China, on April 30, 2026.
The marketers maintained that stronger competition in the refining sector would help drive down fuel prices.
The association said Nigerians are eager to see the completion of the partnership as the country continues efforts to strengthen local refining capacity and reduce dependence on external supply sources.
