The Nigerian National Petroleum Company Limited has set a new target of June 2026 to choose technical refinery partners for its state-owned refineries. This follows years of failed rehabilitation attempts and declining industry expertise. Group Chief Executive Officer Bayo Ojulari revealed the plan during a press briefing in Abuja. The company also announced a Profit After Tax of N5.4 trillion for 2024.
Ojulari admitted that the Port Harcourt, Warri, and Kaduna refineries remain far below global standards. Their products are not commercially competitive, especially against the Dangote Refinery. He said the company is now seeking private partners with proven refinery operating experience. Additionally, these partnerships will be strictly commercial and based on demonstrable track records.
He noted that Nigeria has lost significant refining capacity due to weak governance and underinvestment. Therefore, NNPCL wants partners that already operate functioning refineries and can lead operations. The company will complement this expertise with its available capacity and resources.
Ojulari added that the refineries may be redesigned into hybrid plants to meet global specifications. However, firm completion timelines will only be released after redesign and hybridisation plans are finalised. He expects a clearer timeline by mid-2026.
Despite billions spent on turnaround maintenance, the three state-owned refineries have produced little for over a decade. Meanwhile, the Dangote Refinery now produces Euro-V standard fuels, exposing the outdated configuration of government plants.
Ojulari also said NNPCL is working to increase crude production to 1.7 million barrels per day by year-end. He projected 1.8 million barrels per day next year and two million barrels by 2027. He emphasised that NNPCL now operates commercially under the Companies and Allied Matters Act.
