The Nigerian National Petroleum Company (NNPC) Limited says it plans to collaborate with private refinery operators to repair and maintain its refineries, tapping into their proven technical expertise.
Gatekeepers News reports that speaking in Abuja on Monday during a media briefing on the company’s 2024 audited financial statements (AFS), Bayo Ojulari, group chief executive officer (GCEO) of the NNPC board, said the partnership agreements are expected to be concluded by mid-2026.
Ojulari explained that NNPC’s transition into a limited liability company has strengthened its commercial autonomy, enabling faster decision-making and more strategic investment moves.
He said the company is seeking technically competent private partners with verifiable refinery track records to help restore capability lost over the years.
“What we’re looking at is some partnership with private entities; private entities that have existing refineries that they are running. It’s not by mouth, they have that track record,” he said.
“Our intention is to partner with them as a business. We are not partnering as government, we are partnering as a CAMA company. It’s very different.
“It’s a commercial arrangement where they bring in technical capacity, technical resources, and we complement with the capability that we have… They lead the operation because we want people who are skilled in the game.”
Ojulari said the company is conducting a detailed technical and commercial review of its refineries to ensure sustainable and profitable operations going forward.
“That requires rigorous engineering, rigorous commercial constructs, and ensuring that the parties that we bring on board are people who have reputation in operating refineries before, not just anybody on the streets,” he added.
NNPC Targets $60bn Investment by 2030
The GCEO also revealed that NNPC is working toward attracting up to $60 billion in investments by 2030, in line with directives from the presidency.
“What does that mean? Creating the right environment, demonstrating transparency of performance so that investors are not asking questions,” he said.
Ojulari further stated that NNPC aims to ramp up production to 1.7 million barrels per day (bpd) in 2025, with targets of 1.8 million bpd in 2026 and 2 million bpd in 2027. He said the company is taking a proactive, “no-excuses” approach to achieving the targets.
Refinery Rehabilitation Timeline in Focus
In November 2024, NNPC announced that the Port Harcourt refinery had commenced crude processing, but it was shut down in May 2025 for maintenance. The Warri and Kaduna refineries remain under rehabilitation.
The federal government previously approved $1.5 billion in March 2021 for the Port Harcourt refinery overhaul, followed by $1.48 billion in August 2021 for the rehabilitation of the Warri and Kaduna refineries, split into three phases of 21, 23, and 33 months.
Earlier this year, Ojulari disclosed that the company was considering selling the refineries entirely, citing rising complexity in the rehabilitation process.
Reacting to the situation, Aliko Dangote, president of the Dangote Group, said he remains sceptical that the government-owned Port Harcourt, Warri, and Kaduna refineries will ever return to optimal operation.
