NNPC Considers Giving Chinese Investors Majority Stake In Port Harcourt, Warri Refineries

The Nigerian National Petroleum Company Limited (NNPC) is reportedly considering a new equity partnership arrangement that could hand Chinese investors a majority stake in the Port Harcourt and Warri refineries as part of efforts to rehabilitate and reposition the facilities commercially.

According to reports, the proposed deal may give Chinese partners up to 51 per cent equity ownership under an arrangement similar to the model used by Nigeria LNG Limited (NLNG), where investors participate in governance and long-term operations.

The development follows the signing of a Memorandum of Understanding between NNPC and Chinese firms Sanjiang Chemical Company Limited and Xinganchen Industrial Park Operation and Management Co. Ltd during a meeting held in Jiaxing City, China, on April 30, 2026.

The agreement was signed by NNPC Group Chief Executive Officer, Bayo Ojulari, alongside executives from the Chinese companies.

Sources familiar with the arrangement disclosed that the proposed partnership goes beyond ordinary refinery rehabilitation contracts and may involve long-term operational participation and joint management of the refineries.

The planned collaboration reportedly covers:

* Completion of rehabilitation work at Port Harcourt and Warri refineries

* Operations and maintenance services

* Capacity expansion and profitability improvements

* Petrochemical and gas-based industrial projects around refinery locations

NNPC officials stated that the goal is to transform the refineries into commercially sustainable assets capable of meeting cleaner fuel production standards and improving operational efficiency.

Speaking after the signing ceremony, Ojulari described the agreement as a major milestone in efforts to revive Nigeria’s struggling refineries.

“The MoU is a significant step on the journey towards identifying potential technical equity partner(s) to restart and expand NNPC’s refineries,” he said.

Industry experts say the arrangement may reflect concerns about previous refinery rehabilitation efforts and the need for technically experienced investors to ensure long-term sustainability.

The Executive Secretary of the Major Energies Marketers Association of Nigeria, Clement Isong, described the proposed model as innovative, arguing that investors with equity stakes are more likely to ensure the facilities operate efficiently because they would directly benefit from profits.

The move could significantly deepen Chinese involvement in Nigeria’s downstream petroleum and gas sector if negotiations progress into binding commercial agreements.

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