NNPC boss reveals why Chinese firms were picked to revamp refineries

NNPC Group Chief Executive Officer Bayo Ojulari says two Chinese companies were selected as technical equity partners for the Port Harcourt and Warri refineries after a nine-month evaluation.

According to Premium Times, NNPC considered 50 potential partners before narrowing the list to about 20 and selecting Sanjiang Chemical Company Limited and Xinganchen (Fuzhou) Industrial Park Operation and Management Co. Ltd.

“Before we settled on these companies, we considered more than 50 potential partners and eventually narrowed the list to about 20,” Ojulari said.

“It took us approximately nine months to reach this stage of the process.”

Ojulari said other companies sought equity or significant control, while the firms better aligned with NNPC’s strategy.

“Although we have not yet signed a final agreement with them, they are the only ones that have demonstrated the level of alignment we are looking for,” he said.

Ojulari added that NNPC conducted due diligence and visited the companies’ facilities in China before proceeding with discussions.