The Nigerian National Petroleum Company (NNPC) Limited is seeking technical equity partners to help revive three of Nigeria’s idle public refineries.

Nigeria has refineries in Port Harcourt as well as in Warri and Kaduna, but all of them have remained idle despite significant investments over the years.

The call for new partners was made by the chief executive of the national oil company, Mr Bashir Bayo Ojulari, on Thursday via X (formerly Twitter).

The refineries, with a combined capacity of 445,000 barrels per day, alongside the 650,000 barrels per day capacity Dangote Petroleum Refinery, could help Nigeria end its reliance on imported fuel and become a net exporter.

“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,” the NNPC helmsman said in ... on X.

Mr Ojulari’s predecessor, Mr Mele Kyari had also pursued external partnerships after securing $2.5 billion in contracts to rehabilitate the refineries.

Still, the facilities remain non-operational as the Nigerian government struggles to let go of non-performing assets.

The structures have been plagued by poor maintenance and mismanagement over the years.

Also, government lack of transparency has not helped, with reports of operationalisation not backed by any production.

For instance, the 210,000 barrels per day Port Harcourt Refinery in Alesa-Eleme was said to have commenced operations to public fanfare, but after a while it was shut down with no considerable production achieved.

Likewise, Mr Kyari during his tenure noted that the 125,000 barrels per day Warri Refinery in Ekpan, Delta State was undergoing rehabilitation and would help produce industrial chemicals including polypropylene.

The plans to reactivate the refinery comes as the NNPC continues to finalise its Initial Public Offering (IPO) plans to drive sufficiency without reliance on state funding, years after it was announced.

It is currently engaging with prospective stakeholders including investment banks and investors to comply with capital market regulations.

The company is chasing a dual listing on the Nigerian Exchange (NGX) as well as the London Stock Exchange (LSE) by the end of 2025.