The Nigerian National Petroleum Company Limited is considering a plan that could see Chinese investors take a majority 51% stake in the Port Harcourt and Warri refineries as part of efforts to revive and modernise the facilities.

The proposal is being structured under an NLNG-style model similar to the Nigerian Liquefied Natural Gas Limited, where private investors hold equity in national assets and participate in both governance and long-term operations.

NNPC is in discussions with Sanjiang Chemical Company Limited and Xinganchen Industrial Park Operation and Management Co. Ltd following a Memorandum of Understanding signed in China in April 2026.

Under the arrangement, the Chinese firms are expected to support the completion of rehabilitation works at the refineries, improve operational efficiency, and help expand production capacity. The plan also includes upgrading fuel quality standards and integrating petrochemical and gas-based industrial projects around the refinery complexes.

Officials say the framework could eventually lead to joint ownership, where the investors not only provide technical support but also take an equity position in the assets if final agreements are reached.

NNPC has clarified that the current agreement is non-binding and will require further due diligence, regulatory approvals, and commercial negotiations before any final decision is made.