NNPC Signs $1.5B Deal to Revamp Refineries with China

The Nigerian National Petroleum Company Limited (NNPC) has signed a memorandum of understanding with Sanjiang Chemical Company Limited and Xingcheng Fuzhou Industrial Park Operation Management Co. Ltd. to revamp the Port Harcourt and Warri refineries.

This agreement, announced on April 30, 2026, follows a plan to shut down the Port Harcourt refinery for maintenance starting May 24, 2025. The rehabilitation project is valued at $1.5 billion and aims to ensure long-term operational efficiency, with a combined capacity of 335,000 barrels per day.

Bashir Bayo Ojulari, the Group Chief Executive Officer of NNPC, emphasized the importance of this partnership model, which aims to share risks and returns. The agreement also includes plans to develop a co-located gas-based industrial hub, enhancing Nigeria's capacity to produce cleaner fuels and higher-value petroleum products.

This initiative marks a strategic shift from past refinery turnaround programs that failed to deliver results despite significant financial investments.