Nigeria’s domestic refining capacity could receive a fresh boost as The Nigeria National Petroleum Company (NNPC) Limited says it is in talks with a Chinese petrochemical firm over the revival of one of its state-owned refineries.
Group Chief Executive Officer, NNPC, Bayo Ojulari, disclosed this during a fireside chat at the Nigeria International Energy Summit 2026, held in Abuja.
According to Ojulari, the move is part of a broader strategy to bring in experienced refinery operators as equity partners to turn around NNPC’s four refineries after years of losses, weak utilisation, and operational underperformance.
He explained that an internal review conducted shortly after he assumed office in April 2025, revealed that NNPC’s refineries were running at huge losses, driven by high operating costs and heavy contractor spending despite low processing volumes.
The GCEO said the NNPC board had now approved a new strategy focused on attracting operators with proven refinery expertise as equity partners, rather than continuing with contractor-led arrangements.
Ojulari stressed that while NNPC is not planning an outright sale of the refineries, it is willing to relinquish as much equity as required to secure a sustainable operating and financing model.
