The Nigerian National Petroleum Company Limited (NNPCL) has clarified that the recently signed Memorandum of Understanding (MoU) with selected Chinese firms for the rehabilitation, completion, and operation of the Port Harcourt and Warri refineries is currently undergoing a comprehensive evaluation process.
The national oil company explained that the agreement is part of its broader strategy to transform Nigeria’s state-owned refineries into commercially viable, efficient, and self-sustaining assets capable of meeting domestic fuel demand and enhancing energy security.
According to NNPCL, the MoU does not amount to a final contract but serves as a framework for detailed technical, financial, and commercial assessments. The company stressed that due diligence is being carried out to ensure that any eventual partnership delivers value for Nigeria, aligns with international best practices, and guarantees long-term operational sustainability.
NNPCL noted that the evaluation phase will determine the feasibility, investment structure, and operational model for the proposed collaboration before any binding agreements are executed.
The company reaffirmed its commitment to restoring the country’s refining capacity through strategic partnerships with reputable international firms, adding that the objective is to reduce dependence on imported petroleum products, improve operational efficiency, and create profitable refining assets that contribute to Nigeria’s economic growth.Suggested SEO Title: NNPCL: China Refinery MoU Under Review, Port Harcourt and Warri Plants to Become Profitable
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