NNPC Says Chinese Investors Are Yet to Sign Refinery Rehabilitation Deal

NNPC Ltd. says discussions with Chinese investors on rehabilitating two of its refineries have not reached a final agreement. Group Chief Executive Officer Bayo Ojulari said the prospective partners have deployed 33 engineers to assess the facilities over the past three months. Their technical report is expected to guide commercial and technical negotiations with NNPC. Ojulari said NNPC wants experienced refinery and petrochemical operators to take equity stakes in the plants, aligning their interests with the company’s long-term performance goals. He added that work has not yet started at the Kaduna Refinery.

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