Nigerian oil firm NNPC seeks equity partners to revive refineries, CEO says
"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," NNPC CEO Bayo Ojulari said in a post on X. Former NNPC head Mele Kyari had also pursued external partnerships after securing $2.5 billion in contracts to rehabilitate the refineries.
Nigerian state-owned oil firm NNPC Ltd is seeking technical equity partners to help revive three of its refineries which have remained idle despite significant investments, its chief executive said on Thursday.
The refineries, with a combined capacity of 445,000 barrels per day, alongside the Dangote Petroleum Refinery, could help Nigeria end its reliance on imported fuel and become a net exporter. "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," NNPC CEO Bayo Ojulari said in a post on X.
Former NNPC head Mele Kyari had also pursued external partnerships after securing $2.5 billion in contracts to rehabilitate the refineries. Still, the facilities remain non-operational as the Nigerian government struggles to let go of non-performing assets.
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