BY SAM OTUONYE
The NNPC Ltd has signed a Memorandum of Understanding (MoU) with two Chinese companies, Sanjiang Chemical Company Limited and Xingcheng (Fuzhou) Industrial Park Operation and Management Co. Ltd, for
collaboration through a potential Technical Equity Partnership (TEP) in
support of the completion and operation of the Port Harcourt and Warri
refineries.
According to a press statement from the NNPC Ltd on Monday, May 4, 2026, the MoU was signed by the Group CEO, NNPC Ltd, Engr. Bashir Bayo Ojulari;
Chairman, Sanjiang Chemical Company, Guan Jianzhong and Chairman of
Xinganchen (Fuzhou) Industrial Park Operation and Management Co. Ltd,
Bill Bi, in Jiaxing City, China, on Thursday, April 30, 2026.
The potential framework would cover completion of outstanding work at
the two refineries, together with operating and maintaining both facilities
to achieve best-in-class, sustainable performance. Planned expansion and
upgrades would elevate both facilities to cleaner, more profitable product
standards, the statement explained.
The potential collaboration also contemplates expanding the
refineries’ petrochemical capacities and harnessing gas and downstream
opportunities through the development of co-located, gas-based industrial
hubs.
Speaking shortly after the signing, the GCEO of NNPC Ltd, Engr. Bashir Bayo
Ojulari, described the MoU execution as a significant milestone, following
more than six months of concerted engagement between the technical and
management teams of NNPC and the two Chinese partners, Sanjiang and
Xinganchen.
“All parties recognise mutually beneficial opportunities for the development
and long-term sustainable profitability of NNPC’s refining assets in Nigeria,
and the collective weight required for success,” Ojulari noted.
The GCEO further stated that the MoU was an important step on the journey
towards identifying potential technical equity partner(s) to restart and expand NNPC’s refineries, and to explore opportunities in co-located
petrochemicals and gas-based industries.
“The MoU reflects the parties’ shared intent to progress discussions in good
faith, with any definitive arrangements to follow in due course and subject
to customary approvals”, the statement concluded.
