The Nigerian National Petroleum Company Limited has said the Memorandum of Understanding recently signed with Chinese firms for the rehabilitation and operation of the Port Harcourt and Warri refineries is currently undergoing a rigorous evaluation process, stressing that the partnership is designed to develop profitable and self-sustaining refining assets.

The Group Chief Executive Officer of NNPC Ltd, Bayo Bashir Ojulari, disclosed this in a post on his official X account on Friday, amid increasing calls from petroleum marketers and industry operators urging the Federal Government to accelerate discussions aimed at restoring the country’s state-owned refineries to full operation.

Ojulari explained that restoring Nigeria’s refineries involves far more than replacing ageing equipment or carrying out routine repairs. “Fixing a refinery takes more than pipes and pumps. It takes the right partners. That’s the thinking behind the MoU recently signed for the Port Harcourt and Warri refineries, now moving into a rigorous evaluation phase,” he said.

According to the NNPC chief, the company is adopting a strategic, performance-driven partnership model designed to ensure the long-term viability of the refineries rather than provide short-term solutions.

He said the initiative is intended to deliver “profitable and self-sustaining refineries,” while emphasising that the recently signed memorandum with the prospective partners should not be interpreted as a final or binding agreement.

“A strategic shift towards lasting results. Introducing a performance-based business partnership model, built for profitable and self-sustaining refineries. Evaluation, not commitment. The MoU is an agreement to explore working together, not a binding contract,” Ojulari said.

He explained that the prospective partners would fund the due diligence process, ensuring that any subsequent decisions are guided by commercial viability and comprehensive technical assessments.

“Prospective partners are covering the full cost, which keeps the process data-driven,” he stated.

Ojulari added that, beyond restoring the refineries, the partnership discussions are expected to catalyse investments across the wider energy value chain, supporting growth in other segments of the sector.

“The vision includes expanding the petrochemicals value chain and investing in gas-based industries, including new methanol plants. Real change isn’t announced once. It’s built through discipline applied consistently, at every stage, until it becomes how things are done,” he noted.

Ojulari’s remarks come weeks after NNPC signed a memorandum of understanding with a consortium of Chinese companies to evaluate the rehabilitation and possible co-management of the Port Harcourt and Warri refineries under a new commercial partnership model.