Fresh details have emerged on the newly signed Memorandum of Understanding between the Nigerian National Petroleum Company Limited and two Chinese firms, Sanjiang Chemical Company Limited and Xingcheng (Fuzhou) Industrial Park Operation and Management Co. Ltd, for collaboration through a potential Technical Equity Partnership to support the completion and operation of the Port Harcourt and Warri refineries.
It was gathered exclusively on Sunday that the new arrangement is neither a contract award nor a fresh spending commitment, amid growing public scrutiny over the state-owned refineries. The clarification followed increasing public debate and speculation surrounding the agreement signed by NNPC with the Chinese companies as part of efforts to revamp Nigeria’s long-struggling refineries.
Last Monday, the national oil company announced the signing of a fresh agreement with the two Chinese firms in a move aimed at accelerating the delayed rehabilitation and commercial restart of Nigeria’s refineries, while also opening a new window for technical equity partnerships.
The agreement was executed in Jiaxing City, China, on April 30, 2026, by the Group Chief Executive Officer of NNPC Ltd, Bashir Bayo Ojulari, alongside the Chairman of Sanjiang Chemical Company, Guan Jianzhong, and the Chairman of Xingcheng Industrial Park, Bill Bi.