The Nigerian National Petroleum Company Limited is considering an NLNG-style equity partnership that could hand Chinese investors a majority stake of about 51 per cent in the Port Harcourt and Warri refineries as part of a broader plan to rehabilitate and commercially reposition the facilities.
Details of the arrangement emerged after NNPC signed a Memorandum of Understanding with Chinese firms Sanjiang Chemical Company Limited and Xinganchen (Fuzhou) Industrial Park Operation and Management Co., Ltd. for what the national oil company described as a “potential technical equity partnership”.
The MoU was signed in Jiaxing City, China, on April 30, 2026, by the Group Chief Executive Officer of NNPC Ltd, Bayo Ojulari; Chairman of Sanjiang Chemical Company, Guan Jianzhong; and Chairman of Xinganchen Industrial Park Operation and Management Co. Ltd, Bill Bi.
Findings showed that the proposed framework goes beyond conventional refinery rehabilitation contracts and may involve long-term equity participation by the Chinese partners in both refining assets.
Sources at the national oil firm privy to the MoU told our correspondent that the proposed partnership is being structured around an “NLNG-type model” featuring equity participation, joint governance arrangements, and long-term operational involvement.
They disclosed that the structure may be similar to NLNG’s, where investors own 51 per cent equity, participate in governance, and share operational responsibilities over the long term. Under the proposed collaboration, the Chinese firms are expected to support the completion of outstanding work at the Port Harcourt and Warri refineries.
The agreement also covers operations and maintenance services aimed at achieving what NNPC described as “best-in-class, sustainable performance”. According to findings, the planned upgrades would also expand refinery capacity, improve profitability, and raise fuel production standards to cleaner specifications.
