The agreement was signed with Sanjiang Chemical Company Limited and Xingcheng (Fuzhou) Industrial Park Operation and Management Co., Ltd.

In a statement released on Monday, May 4, 2026, NNPCL’s Chief Corporate Communications Officer, Andy Odeh, confirmed that the signing took place in Jiaxing City, China, on Thursday, April 30, 2026.

The document was signed by the Group Chief Executive Officer of NNPCL, Engr. Bashir Bayo Ojulari, alongside Guan Jianzhong, Chairman of Sanjiang Chemical Company, and Bill Bi, Chairman of Xingcheng (Fuzhou) Industrial Park Operation and Management Co. Ltd.

Ojulari described the agreement as a significant milestone, noting that it followed over six months of discussions between technical and management teams from both sides.

He explained that the engagement was focused on identifying strategic partners capable of supporting the restart, expansion, and long-term profitability of NNPCL’s refinery assets.

According to him, all parties recognised the shared opportunity to develop and sustain profitable refinery operations in Nigeria, stressing the importance of collective effort for success.

Ojulari added that the MoU represents part of NNPCL’s broader search for technical equity partners to revitalise its refining infrastructure.

He further stated that the partnership could extend into co-located petrochemical ventures and gas-based industrial projects, with the goal of improving operational efficiency and commercial returns.

The agreement is also expected to facilitate deeper technical and commercial discussions on restoring full functionality and profitability to the refineries over the long term.

However, the statement did not specify the financial terms of the arrangement or clarify whether the Chinese firms would provide funding, equity investment, technical support, or operational management roles.

The development comes after Nigeria reportedly spent billions of dollars on previous refinery rehabilitation projects under the Federal Government.

During former President Muhammadu Buhari’s administration, about $2.39 billion was said to have been allocated for the rehabilitation of the Port Harcourt and Warri refineries.

In 2021, the Federal Executive Council approved $1.5 billion for the Port Harcourt refinery, followed by an additional $1.48 billion for the rehabilitation of the Warri and Kaduna refineries.

The projects were awarded to Saipem SPA and Saipem Contracting Limited, with plans to execute the rehabilitation in phases over several years.

Although the Port Harcourt refinery reportedly resumed production in November 2024, operations were said to have halted about six months later, raising concerns over the effectiveness of the rehabilitation efforts.

The Warri refinery has also remained a key focus of government efforts to restore domestic refining capacity and reduce Nigeria’s dependence on imported petroleum products.

With the new MoU, NNPCL is expected to pursue a more sustainable operational framework through technical and equity-based partnerships aimed at ensuring long-term viability of the refineries.