A major breakthrough has been recorded in Nigeria’s oil sector as the Nigerian National Petroleum Company Limited (NNPC Ltd) moves to revive key refineries.
The deal has attracted attention after the company signed a fresh agreement with two Chinese firms.
Moreover, the agreement is seen as a critical step toward restoring efficiency in Nigeria’s refining system.
According to an official statement released on Monday, the deal was signed with Sanjiang Chemical Company Limited and Xingcheng (Fuzhou) Industrial Park Operation and Management Co. Ltd.
However, this partnership is not just about restarting operations. It is also designed to complete ongoing rehabilitation work and improve long-term performance.
The Memorandum of Understanding was signed in Jiaxing City, China, on April 30, 2026. It was executed by NNPC Group Chief Executive Officer, Bashir Bayo Ojulari, alongside top executives of the Chinese firms.
Furthermore, under the arrangement, the Chinese partners will assist in completing outstanding repairs at both refineries.
In addition, the collaboration will explore expansion opportunities. Plans include upgrading the facilities to meet cleaner fuel standards and increase profitability.
Meanwhile, the deal is expected to boost petrochemical production capacity.
Speaking after the signing, Ojulari described the development as a significant milestone.
“All parties recognise mutually beneficial opportunities for the development and long-term sustainability of NNPC’s refining assets,” he said.
However, questions remain about how quickly the changes will be felt.
In the coming months, attention will focus on implementation.
