The Independent Petroleum Marketers Association of Nigeria has called on the Nigerian National Petroleum Company Limited to expedite a proposed Technical Equity Partnership with two Chinese firms, Sanjiang Chemical Company Limited and Xinganchen Industrial Park Operation and Management Company Limited, aimed at completing and operating the Warri and Port Harcourt refineries.
The partnership was initiated through a memorandum of understanding signed on 30 April 2026, intended to restore and expand operations at both refineries. IPMAN’s Eastern zonal secretary, Emmanuel Inimgba, said the delay in concluding the agreement is depriving Nigerians of the economic and social benefits expected from the investment, noting that the partnership would strengthen the downstream petroleum sector, attract fresh investment, and improve product availability.
Inimgba said petroleum prices would likely decline once the Chinese firms commence full operations, as increased domestic refining capacity and greater market competition would naturally drive prices down, and called on NNPC group chief executive Bashir Ojulari to provide a definitive timeline for the project and improve communication with the public. He said timely execution would boost energy security, create jobs, and provide lasting relief to Nigerians through more affordable petroleum products.
Source: allafrica.com