Nigeria’s state-owned oil company, NNPC Ltd, is seeking technical equity partners to help revive its three non-operational refineries, which have remained idle despite major investments over the years, the company’s chief executive said on Thursday.
The refineries, which together have a combined capacity of 445,000 barrels per day, could, along with the Dangote Petroleum Refinery, enable Nigeria to end its dependence on imported fuel and position the country as a net exporter.
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“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.
Ojulari’s announcement follows previous efforts under former NNPC head Mele Kyari, who sought external partners after securing $2.5 billion in contracts aimed at rehabilitating the refineries.
Despite these investments, the facilities remain non-operational as the Nigerian government continues to grapple with the challenge of divesting non-performing assets, Reuters reported.
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Image Credit: Africa Publicity
