NNPC Announces Plan To Rebuild 3 Refineries, Sets Target
- The NNPC Limited has made plans for its Port Harcourt, Warri and Kaduna refineries currently not working
- The national oil company aims to raise Nigeria’s crude output to two million barrels per day by 2027
- Dangote Refinery has shown that it is possible to have a fully functioning, world-class refinery in Nigeria
Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
The Nigerian National Petroleum Company Limited (NNPCL) has set a new target of June 2026 to conclude the selection of technical partners to rebuild and modernise the Port Harcourt, Warri, and Kaduna refineries.
Group Chief Executive Officer Bayo Ojulari announced the timeline on Monday during a media briefing in Abuja on Monday, November 24.
He stated that the company seeks private-sector expertise to restore the plants to global standards, following years of unsuccessful rehabilitation and declining local refining capacity.
Source: Twitter
Nigeria’s three state refineries, with a combined 445,000 barrels per day of installed capacity, have been largely idle for more than a decade despite billions of dollars spent on rehabilitation.
Port Harcourt is undergoing a $1.5 billion upgrade, while Warri is being revamped in partnership with Daewoo Engineering, while Kaduna requires major reconfiguration to handle a wider crude slate.
NNPC wants to revive refineries
Ojulari stated that the refineries remain far below international competitiveness, despite ongoing repairs, with products that would still lag behind those of the Dangote Refinery and global Euro-V standards if the current rehabilitation plan is followed.
He said the company is seeking only partners with proven experience running operational refineries, adding that collaborations would be structured as purely commercial arrangements under NNPCL’s status as a Companies and Allied Matters Act entity.
NNPC boss stressed that any collaboration would be business‑driven, based on solid track records and structured as commercial (not state‑driven) arrangements.
He cited the Dangote Refinery as an example of how technical capacity has shifted abroad.
His words:
“We have lost capability over time. We want partners already in the game, who have demonstrated ability. They will lead operations while we complement with the capacity we have.”
Ojulari said NNPCL may redesign the state-owned plants into hybrid configurations to meet international specifications, and that firm completion dates would only be published after the redesigns are finalised, Punch reports.
He said.
“By the middle of next year, we will have defined the partnerships, contracts, and roadmap."
Source: Getty Images
NNPC announces record profit
Speaking further, Ojulari declared N5.4 trillion profit for the company in 2024 the highest ever.
Ojulari also stressed that NNPCL now operates as a commercial entity under the Petroleum Industry Act, with greater flexibility to negotiate business deals and attract private capital.
He said the company is strengthening investor relations, improving governance, expanding technical training, and investing in staff capabilities.
He added:
“NNPC is largely a private company today. We are not operating as a government parastatal."
“It’s our people that do the work. We are unleashing their potential with the tools and training required to compete on the continent.”
NNPC reduces petrol prices
Earlier, Legit.ng reported that the NNPC has cut the pump price of Premium Motor Spirit (PMS), also known as petrol in Lagos.
Petrol is being sold at N910 per litre in Lagos and N945 per litre in Abuja.
The price cut represents a N10 reduction from the previous N920 and N950 per litre in Lagos and Abuja, respectively.
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Source: Legit.ng
