The Nigerian National Petroleum Company Limited (NNPC) has again signed a Memorandum of Understanding (MoU) with two Chinese companies to get the government’s refineries working, especially the Port Harcourt and Warri.
The Chinese firms are: Sanjiang Chemical Company Limited, and Xingcheng (Fuzhou) Industrial Park Operation and Management Co. Ltd.
The MoU to revamp the refineries was signed by the Group Chief Executive of the NNPC, Bayo Ojulari; Chairman, Sanjiang Chemical Company, Guan Jianzhong, and Chairman of Xinganchen (Fuzhou) Industrial Park Operation and Management Co. Ltd, Bill Bi, in Jiaxing City, China.
For years, the NNPC has tried to bring the refineries back online, but has failed at every attempt. The last effort before this, which is currently a matter before the Economic and Financial Crimes Commission (EFCC), gulped almost $3 billion.
Ojulari, described the MoU execution as a significant milestone, following more than six months of concerted engagement between the technical and management teams of NNPC and the two Chinese partners, Sanjiang and Xinganchen.
“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 noted.
