GCEO NNPC Ltd, Engr. Bashir Bayo Ojulari flanked by the Chairman, Sanjiang Chemical Company, Mr. Guan Jianzhong (left) and Chairman, Xinganchen (Fuzhou) Industrial Park Operation and Management Co. Ltd, Mr. Bill Bi (right), signing a Memorandum of Understanding for collaboration on Technical Equity Partnership (TEP) in support of the completion and operation of the Port Harcourt and Warri Refineries, in Jiaxing City, China, on Thursday, April 30, 2026.
The agreement was signed with Sanjiang Chemical Company Limited and Xingcheng (Fuzhou) Industrial Park Operation and Management Co. Ltd through a proposed Technical Equity Partnership (TEP) framework.
The MoU was executed in Jiaxing City, China, on Thursday, April 30, 2026, by the Group Chief Executive Officer of NNPC Ltd, Engr. Bashir Bayo Ojulari; Chairman of Sanjiang Chemical Company, Mr. Guan Jianzhong; and Chairman of Xingcheng (Fuzhou) Industrial Park Operation and Management Co. Ltd, Mr. Bill Bi.
According to a statement issued by the Chief Corporate Communications Officer of NNPC Ltd, Andy Odeh, the proposed partnership is expected to cover the completion of outstanding work on both refineries as well as their operation and maintenance to achieve sustainable and world-class performance standards.
The statement added that the planned collaboration would also involve upgrades and expansion projects aimed at producing cleaner and more profitable petroleum products. It further noted that the initiative could lead to the expansion of petrochemical production capacities and the development of gas-based industrial hubs around the refinery locations.
Speaking shortly after the signing ceremony, Ojulari described the agreement as a major milestone achieved after more than six months of extensive engagements between the technical and management teams of NNPC Ltd and the two Chinese firms.
He said all parties involved had identified mutually beneficial opportunities that could enhance the long-term profitability and sustainability of Nigeria’s refining assets.
“All parties recognise mutually beneficial opportunities for the development and long-term sustainable profitability of NNPC’s refining assets in Nigeria, and the collective weight required for success,” Ojulari stated.
The NNPC GCEO explained that the MoU represents an important step toward identifying potential technical equity partners for the rehabilitation and expansion of the nation’s refineries, while also opening opportunities in petrochemicals and gas-based industries.
NNPC Ltd noted that the agreement reflects the shared commitment of the parties to continue discussions in good faith, with final agreements expected to follow subject to necessary approvals.
