ABUJA – The Nigerian National Petroleum Company (NNPC) Limited has commenced the evaluation phase of a proposed strategic partnership for the Port Harcourt and Warri refineries following the signing of a Memorandum of Understanding (MoU) with prospective partners.
According to the Group Chief Executive Officer of NNPC Limited, Bashir Bayo Ojulari, the initiative is designed to establish a performance-based business partnership model aimed at delivering profitable and self-sustaining refinery operations.
Ojulari clarified that the MoU does not constitute a binding commercial agreement but serves as a framework for evaluating potential collaboration. He noted that any proposal arising from the process would be subject to NNPC Limited’s internal governance procedures and must satisfy all legal, financial, and regulatory requirements before receiving final approval.
He further disclosed that the prospective partners are funding the entire due diligence process, a move intended to ensure that the assessment remains objective, transparent, and data-driven without financial exposure to NNPC Limited.
Beyond restoring refinery operations, the proposed partnership is expected to support broader industrial development by expanding Nigeria’s petrochemicals value chain and encouraging investments in gas-based industries, including the development of new methanol plants.
NNPC said the initiative reflects its commitment to implementing sustainable reforms that will strengthen the country’s downstream petroleum sector and enhance long-term value creation for Nigeria’s energy industry.