In a move to accelerate its refining capabilities, Nigeria’s NNPC Ltd has signed a memorandum of understanding (MoU) with two Chinese companies, for collaboration through a potential Technical Equity Partnership to support the completion and operation of the Port Harcourt and Warri Refineries
Sanjiang Chemical Company Limited and Xinganchen (Fuzhou) Industrial Park Operation and Management Co. Ltd would cover operation and maintenance work of both facilities to deliver sustainable performance. There will be planned expansion and upgrades aiming cleaner and highly profitable product standards.
The MoU was signed in China by the Group CEO, NNPC Ltd, Bashir Bayo Ojulari; chairman, Sanjiang Chemical Company, Guan Jianzhong, and chairman of Xinganchen (Fuzhou) Industrial Park Operation and Management Co. Ltd.
A big development in harnessing Nigeria’s gas and downstream opportunities, Bayo Ojulari said that the MoU was the result of several months of concerted engagement between the technical and management teams of NNPC and the two Chinese partners. "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,” he said.
The partnership will play a key role in advancing Nigeria’s position as a gas-based industrial hub as the technical equity partners restart and expand NNPC's refineries.
Nigeria signs MoU with Chinese companies to boost downstream and gas
The MoU was signed in China. (Image source: NNPC)
