NNPC signs agreements with two Chinese companies to complete and operate Port Harcourt and Warri refineries following failed overhauls.
Nigeria’s state-owned NNPC has signed a Memorandum of Understanding with Chinese firms Sanjiang Chemical Company Limited and Xinganchen to revive its Port Harcourt and Warri refineries. The facilities, with capacities of 210,000 and 125,000 barrels per day respectively, have remained idle despite previous costly overhauls.
The NNPC previously spent $25 billion on refinery upgrades that failed to restore operations. The new deal covers completion, operation, and maintenance under a technical arrangement, aiming to reduce Nigeria’s reliance on fuel imports.
No immediate market reaction was reported, but the agreement could ease domestic fuel supply constraints if executed successfully.