The Nigerian National Petroleum Company (NNPC) Limited says it is in discussions with a major Chinese petrochemical firm over a possible partnership to revive one of Nigeria’s state-owned refineries.
Gatekeepers News reports that Bayo Ojulari, group chief executive officer (GCEO) of NNPC, disclosed this on Wednesday at the ongoing Nigerian International Energy Summit (NIES) in Abuja.
Ojulari declined to name the refinery involved — whether Warri, Port Harcourt, or Kaduna — citing “commercial sensitivity”. He also did not disclose the identity of the Chinese firm, describing it only as “one of the biggest petrochemical plants in China”.
“I’m just coming from a meeting with one of the potential investors, where we are looking at their plans. They are going to the refinery tomorrow to inspect,” he said.
“Well, because of commercial sensitivity. What I can tell you is that it’s a Chinese company that has one of the biggest petrochemical plants in China. And we also have a few other companies as well.”
‘We are not looking for contractors’
Ojulari said the NNPC board has approved a strategy to partner with firms that have a proven track record in refinery operations, rather than contractors or maintenance companies.
“We are not looking for contractors. We are not looking for operations and maintenance (O&M). We are looking for an entity that runs refineries to come in,” he said.
According to him, the proposed partners would acquire equity in the refineries to ensure long-term commitment.
“We are looking for them to buy some of our shares. So when you say sell, we will not say we are selling Nigerian refineries.
“Just like we’ll probably look at options where we can sell down some of our equity, so that they have a skin in the game.”
Partners to run refineries
Ojulari said the prospective partners would take the lead in operating the refineries, while the NNPC would focus on rebuilding its internal capacity and support systems.
“And our mantra for the refinery is that our solution is about putting a sustainable solution in place for it to self-finance itself, for it to run like a business,” he said.
“We know that everywhere in the world, refinery margins are very high. So there’s no way NNPC — with the structure we have — can run a profitable refinery. We don’t have the capacity right now.”
He added that NNPC would bring in additional operational expertise to complement its existing resources and is willing to cede as much equity as necessary to secure a sustainable partnership.
Refineries under rehabilitation
The Port Harcourt Refining Company (PHRC) was shut down for maintenance in May 2025, while operations at the Warri and Kaduna refineries were also suspended for rehabilitation.
In November 2025, the NNPC announced plans to partner with private refinery operators to revive the state-owned plants following a performance review.
