Refineries: IPMAN asks NNPCL To Act Fast On Deal With Chinese Firms

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has called on the Nigerian National Petroleum Company Limited (NNPCL) to expedite the conclusion of the proposed Technical Equity Partnership with two Chinese companies for the completion and operation of the Warri and Port Harcourt Refineries.

The partnership with the two firms, Sanjiang Chemical Company Limited and Xinganchen (Fuzhou) Industrial Park Operation and Management Company Limited, was initiated through the signing of a Memorandum of Understanding (MoU) on April 30, 2026, which is aimed at restoring and expanding the refineries’ operations.

IPMAN’s eastern zonal secretary, Comrade Emmanuel Inimgba, in a statement made available to newsmen in Port Harcourt yesterday, expressed concern over the delay in concluding the agreement, noting that it was depriving Nigerians of the immense economic and social benefits expected from the investment.

Inimgba noted that the partnership would strengthen Nigeria’s downstream petroleum sector, attract fresh investment, improve refining capacity, enhance product availability, and increase investor confidence in the nation’s oil and gas industry.

He also lamented the hardship Nigerians continue to face due to the high cost of Premium Motor Spirit (PMS), stating that many households and businesses are struggling under the burden of rising fuel prices.

The IPMAN zonal secretary expressed optimism that petroleum prices would definitely decline once the two Chinese firms commence full operations at the Warri and Port Harcourt Refineries, as increased domestic refining capacity and greater market competition would naturally drive prices downward.

Inimgba, who is also former IPMAN unit chairman stated that healthy competition remains the most effective way to ensure fair pricing in the downstream petroleum sector.

He explained that the entry of additional technically competent operators into Nigeria’s refining industry would discourage monopolistic tendencies, improve efficiency, guarantee a more stable supply of petroleum products, and ultimately reflect in lower pump prices for consumers across the country.

The unionist therefore appealed to Engr. Bashir Ojulari-led management of NNPCL to accelerate all outstanding processes necessary for the successful conclusion of the Technical Equity Partnership.

IPMAN scribe further called on the Group Chief Executive Officer of NNPCL, Engr. Bashir Bayo Ojulari, to address Nigerians on the reasons for the prolonged delay in concluding the Technical Equity Partnership and to provide a definite timeline for the commencement of the project.

Inimgba stated that Nigerians deserve to be kept informed on the progress of such a strategic national investment, stressing that transparency, accountability and timely communication would strengthen public confidence in the process and reassure stakeholders that the partnership remains on course.

He emphasised that the timely execution of the agreement would boost Nigeria’s energy security, create employment opportunities, stimulate economic growth, and provide lasting relief to millions of Nigerians through more affordable petroleum products.