The Nigerian National Petroleum Company (NNPC) has ruled out selling the Warri Refinery and Petrochemicals Company as scrap, insisting the facility remains a viable national asset as Chinese partners begin technical assessments aimed at restoring operations.
The state-owned oil company said a team of 35 engineers from two Chinese firms Sanjiang Chemicals and New Future Group has commenced a comprehensive inspection of the refinery ahead of a final investment decision that could see the facility resume sustainable operations within 24 months, with a stronger focus on petrochemical production.”We will not sell the refineries as scrap. These refineries remain viable national assets.”
NNPCL Group Chief Executive Officer, Bayo Ojulari, said the ongoing assessment marks the beginning of a new business model designed to return the Warri refinery to profitability after years of recurring losses. “The Chinese partners are carrying out a detailed assessment of the facility ahead of a final investment decision that will reposition the refinery for sustainable operations.”
The refinery was shut down last year after briefly resuming operations, prompting renewed calls for its sale alongside other state-owned refineries. However, NNPC maintained that such demands are being driven by misinformation and do not reflect the true condition of the assets. “The interest shown by these Chinese companies confirms that our refineries are viable and should not be written off.”
According to the national oil company, Sanjiang Chemicals, a major Chinese petrochemical firm, and New Future Group, an investment company focused on Africa, are partnering to finance, retool and operate the refinery if the project proceeds to implementation.”
“Our inspection shows that the Warri Refinery remains a valuable asset that can be retooled and returned to profitable operations.”
Responding to concerns about entrusting the facility to foreign partners, NNPC said the proposed arrangement would ensure efficient operations while preserving the refinery as a strategic national asset. “This partnership is designed to bring technical expertise, operational efficiency and investment required to make the refinery commercially viable.”
The company also dismissed reports suggesting it had begun disposing of refinery equipment as scrap, stressing that no approval had been given for the sale of refinery components. “NNPC has not authorised the sale of scrap materials or refinery components as they remain viable assets.”
Erizia Rubyjeana
