The Nigerian National Petroleum Company Limited (NNPCL) is seeking technical equity partners to revive its three idle refineries, which have remained dormant despite significant investments.
Group Chief Executive Officer Bayo Ojulari stated that the move aims to ensure the refineries operate effectively, leveraging the expertise of partners to restore the facilities to full capacity.
The refineries, with a combined capacity of 445,000 barrels per day, could help Nigeria end its reliance on imported fuel and become a net exporter, especially with the Dangote Petroleum Refinery’s 650,000 barrels per day capacity. Ojulari expressed optimism about the prospects, saying, “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.”
This development follows previous investments to revive the moribund refineries, including $2.5 billion in contracts secured by former NNPC head Mele Kyari.
The partnership will focus on conducting a comprehensive assessment of the refineries, selecting technical equity partners, and implementing reforms to ensure compliance with the Petroleum Industry Act (PIA) and strengthen Nigeria’s energy security.
