Business and Economy
Fresh push for energy security as NNPC signs deal for refinery completion, upgrade, and petrochemical expansion.
The Nigerian National Petroleum Company Limited has signed a Memorandum of Understanding (MoU) with two Chinese firms—Sanjiang Chemical Company Limited and Xingcheng (Fuzhou) Industrial Park Operation and Management Co.
The agreement was executed in Jiaxing City, China, on Thursday, April 30, 2026, by the Group Chief Executive Officer of NNPC Ltd, Bashir Bayo Ojulari, alongside Sanjiang Chairman Guan Jianzhong and Xingcheng Chairman Bill Bi.
Under the proposed framework, the partnership will focus on completing outstanding work at both refineries, as well as their operation and maintenance to ensure efficient, sustainable, and world-class performance.
Planned upgrades and expansions are expected to enhance the facilities, enabling them to produce cleaner and more profitable petroleum products. The collaboration also includes plans to expand petrochemical production capacity and tap into gas and downstream opportunities through the development of integrated, gas-based industrial hubs.
Speaking after the signing, Ojulari described the MoU as a major milestone following over six months of sustained engagement between NNPC’s technical and management teams and the Chinese partners.
He noted that all parties recognise the mutual benefits and long-term profitability potential of developing Nigeria’s refining assets, stressing the importance of collective effort in achieving success.
Ojulari further explained that the agreement represents a key step toward identifying suitable technical equity partners to revive and expand the country’s refineries, while also unlocking opportunities in petrochemicals and gas-based industries.
The MoU, he added, reflects a shared commitment by all parties to continue discussions in good faith, with final agreements to be concluded later, subject to the necessary approvals.
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