This was reported in a news release dated May 3, 2026, signed by the company's Chief Corporate Communications Officer, Andy Odeh.
The MoU was signed in Jiaxing City, China, on April 30, 2026, by Engr. Bashir Bayo Ojulari, Group Chief Executive Officer of NNPC Ltd.; Guan Jianzhong, Chairman of Sanjiang Chemical Company; and Bill Bi, Chairman of Xinganchen (Fuzhou) Industrial Park Operation and Management Co. Ltd.
Ojulari praised the deal as a significant milestone following months of discussions between NNPC and its Chinese partners, stressing that it demonstrates growing agreement on the future of Nigeria's refining assets.
Recall that a thorough technical and commercial evaluation of the Port Harcourt, Warri, and Kaduna refineries commenced in October 2025 to determine their operational and financial feasibility.
While it is unclear whether the new MoU will ultimately result in a successful restart of the refineries, the company recently reported a profit after tax of N276 billion in March 2026, according to its monthly performance report, indicating improved financial standing as it pursues refinery revival.
According to NNPC, the proposed collaboration structure will include the completion of outstanding rehabilitation work at both refineries, as well as their operation and maintenance, with an emphasis on attaining efficient and sustainable performance.
It further stated that planned modifications will improve product quality and increase profitability.
It further stated that planned modifications will improve product quality and increase profitability.
The company added that the collaboration would also include growing petrochemical capacity and unlocking larger gas and downstream prospects through the establishment of industrial centers.
"The potential collaboration also contemplates expanding the refineries' petrochemical capacities and harnessing gas and downstream opportunities through the development of co-located, gas-based industrial hubs," the announcement says in part.
"The potential collaboration also contemplates expanding the refineries' petrochemical capacities and harnessing gas and downstream opportunities through the development of co-located, gas-based industrial hubs," the announcement says in part.
Ojulari praised the deal as a significant milestone following months of discussions between NNPC and its Chinese partners, stressing that it demonstrates growing agreement on the future of Nigeria's refining assets.
He noted that the agreement is a significant step in securing the technical equity partners required to restart and expand the refineries, as well as exploring potential in the petrochemical and gas-based industries.
The latest step comes amid ongoing efforts to reactivate Nigeria's state-owned refineries, which have been mostly offline for months.
The announcement comes after NNPC denied accusations that it was selling scrap materials from its refineries, despite the fact that operations at the facility had ceased.
The plants' closure began on May 24, 2025, when operations were suspended for scheduled maintenance that was expected to last 30 days.
The announcement comes after NNPC denied accusations that it was selling scrap materials from its refineries, despite the fact that operations at the facility had ceased.
The plants' closure began on May 24, 2025, when operations were suspended for scheduled maintenance that was expected to last 30 days.
Recall that a thorough technical and commercial evaluation of the Port Harcourt, Warri, and Kaduna refineries commenced in October 2025 to determine their operational and financial feasibility.
However, in February 2026, Ojulari stated that the refineries had been shut down after internal studies revealed that they were functioning at considerable losses and diminishing national value.
In February, he also indicated that NNPC was already in talks with a Chinese petrochemical firm about reviving refineries.
Despite the protracted inactivity, the NNPC has stated that it will not sell the Port Harcourt Refining Company, confirming its commitment to rehabilitation and continuing ownership in the face of calls for privatisation.
In February, he also indicated that NNPC was already in talks with a Chinese petrochemical firm about reviving refineries.
Despite the protracted inactivity, the NNPC has stated that it will not sell the Port Harcourt Refining Company, confirming its commitment to rehabilitation and continuing ownership in the face of calls for privatisation.
The last major restoration attempt on the Port Harcourt refinery, conducted out under former GCEO Mele Kyari, reportedly cost $1.5 billion but did not result in continued operations.
While it is unclear whether the new MoU will ultimately result in a successful restart of the refineries, the company recently reported a profit after tax of N276 billion in March 2026, according to its monthly performance report, indicating improved financial standing as it pursues refinery revival.
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