NNPC says Chinese firms matched its long-term refinery strategy

NNPC Limited selected two Chinese companies as potential technical equity partners for Nigeria’s Port Harcourt and Warri refineries after a nine-month evaluation process, its Group Chief Executive Officer, Bayo Ojulari, said on Tuesday. Ojulari said NNPC considered more than 50 potential partners before narrowing the field to about 20. Sanjiang Chemical Company Limited and Xinganchen (Fuzhou) Industrial Park Operation and Management Co.

Ltd were selected for a proposed arrangement to support completion and operation of the two refineries. He spoke to journalists at the NNPC Towers in Abuja after the release of the company’s 2025 financial results. His explanation followed questions about the Chinese firms’ technical capacity and track record.

Ojulari said many other companies approached by NNPC wanted equity participation or significant control of the refineries. He said the selected companies were considered more closely aligned with NNPC’s objective of building a sustainable operation. He stressed that no final agreement had yet been signed.

According to him, the preferred partners were prepared to invest their own resources and expertise instead of merely seeking payment for a contract. The NNPC chief said the company had conducted independent due diligence and that he had personally visited the firms’ facilities in China with members of the NNPC team and board. He said the companies operated a major Chinese petrochemical plant and had a stake and board representation in a major refinery.

Ojulari argued that a partner with a long-term stake would have a stronger interest in the refineries’ success than a contractor whose involvement ended after payment. He also warned that efforts to stop leakages and protect Nigeria’s interests could face opposition from stakeholders affected by the strategy, urging Nigerians to examine claims about the refinery plans carefully.