NNPC Begins Evaluation for Port Harcourt, Warri Refineries

The Nigerian National Petroleum Company (NNPC), under the leadership of Chief Executive Officer Bayo Ojulari, has initiated the evaluation phase for the privatization of the Port Harcourt and Warri refineries. This decision comes despite significant public outcry regarding the rationale behind inviting private partners after substantial investments of nearly $3 billion in rehabilitation efforts over recent years.

A memorandum of understanding (MOU) was signed to facilitate the exploration of potential partnerships, which Ojulari clarified does not constitute a binding agreement but rather a framework for collaboration. The evaluation aims to secure long-term commercial viability for the refineries, moving away from short-term fixes.

Ojulari emphasized the necessity of replacing equipment and bringing in the right technical business partners to ensure sustainable operations. The broader vision includes deepening Nigeria's downstream value chain and investing in petrochemical and gas-based industries, including the development of a new methanol plant.