Chinese Investors to Acquire 51% Stake in NNPC Refineries

The Nigerian National Petroleum Company Limited (NNPC) is negotiating a significant investment with Chinese firms, specifically Sanjiang Chemical Company Limited and Xinganchen Industrial Park Operation Management Co. Ltd., to acquire a 51% stake in the Port Harcourt and Warri refineries.

A memorandum of understanding (MOU) was signed on April 30, 2026, in Jiaxing City, China, by NNPC's Group Chief Executive Officer Bayo Ojulari and Guan Jianzhong, Chairman of Sanjiang Chemical Company. This partnership aims to rehabilitate and operate the refineries under a model similar to the Nigeria Liquefied Natural Gas (NLNG) structure, which involves equity participation and joint governance arrangements.

The agreement is expected to enhance operational efficiency and profitability while ensuring compliance with clean fuel standards. The MOU signifies a commitment to explore co-located petrochemical projects and aims to establish a framework for future definitive agreements, subject to regulatory approvals.