The Nigerian National Petroleum Company Limited has said the recently signed Memorandum of Understanding with Chinese firms for the rehabilitation and operation of the Port Harcourt and Warri refineries has entered a rigorous evaluation phase, insisting that the arrangement is aimed at creating profitable and self-sustaining refining assets.
The Group Chief Executive Officer of NNPC Ltd, Bayo Ojulari, disclosed this in a post on his official X handle on Friday, amid growing calls from petroleum marketers and operators for the Federal Government to fast-track discussions to finally restore the country’s troubled state-owned refineries to full operation.
Ojulari said reviving Nigeria’s refineries required more than simply replacing equipment and carrying out repairs. “Fixing a refinery takes more than pipes and pumps. It takes the right partners. That’s the thinking behind the MoU recently signed for the Port Harcourt and Warri refineries, now moving into a rigorous evaluation phase,” he stated.
The NNPC boss said the company was pursuing a strategic shift towards a performance-based business partnership model that would guarantee long-term sustainability rather than temporary fixes.
According to him, the new approach is “built for profitable and self-sustaining refineries.” He clarified that the memorandum signed with the prospective partners should not be mistaken for a final agreement.
“A strategic shift towards lasting results. Introducing a performance-based business partnership model, built for profitable and self-sustaining refineries. Evaluation, not commitment. The MoU is an agreement to explore working together, not a binding contract,” Ojulari said.
He explained that the prospective partners would bear the cost of carrying out the due diligence process, a move that would ensure decisions are based on commercial realities and technical assessments. “Prospective partners are covering the full cost, which keeps the process data-driven,” he added.
