The Nigerian National Petroleum Company (NNPC) Limited says it is seeking technical equity partners to help revive three of its long-idle refineries, despite previous multi-billion-dollar investments in their rehabilitation.
Group Chief Executive Officer (GCEO) of the state oil firm, Bayo Ojulari, disclosed this in a post on X (formerly Twitter) on Thursday, noting that the move aims to ensure the refineries operate efficiently and sustainably.
According to Ojulari, the refineries, with a combined processing capacity of 445,000 barrels per day, alongside the Dangote Petroleum Refinery, hold the potential to end Nigeria’s dependence on imported petroleum products and transform the country into a net exporter of refined fuel.
“We are looking ahead with optimism to ensure our refineries operate effectively. We are dedicating significant time to a detailed review and are eager to implement our insights,” Ojulari stated.
The development follows years of failed attempts to restore the refineries to full operation. Under former NNPC head Mele Kyari, the company had secured external partnerships worth $2.5 billion in contracts aimed at rehabilitating the facilities, but they remain inactive.
