The Nigerian National Petroleum Company (NNPC) Limited has ruled out any plan to sell the Warri Refinery and Petrochemicals Company as scrap, insisting the facility remains a viable national asset now undergoing technical review for rehabilitation.
The state-owned oil company said a team of 35 engineers from Chinese firms Sanjiang Chemicals and New Future Group has commenced a detailed assessment of the refinery as part of preparations for a potential investment decision aimed at restoring full operations within 24 months.
NNPC Group Chief Executive Officer, Bayo Ojulari, said the ongoing evaluation marked the beginning of a new business model designed to return the refinery to profitability after years of operational setbacks and recurring losses.
He said the involvement of the Chinese partners demonstrates renewed investor confidence in the facility, adding that the refinery should not be written off or dismantled.
“We will not sell the refineries as scrap. These refineries remain viable national assets,” Ojulari said.
According to him, Sanjiang Chemicals and New Future Group are exploring financing, retooling and operational support options that could reposition the refinery for long-term sustainability, particularly with a stronger focus on petrochemical production.
NNPC said the inspection exercise is expected to guide a final investment decision that could pave the way for the refinery’s full revival and improved commercial performance.
The company dismissed suggestions that the Warri Refinery should be sold, describing such calls as misleading and not reflective of the facility’s current condition.
It also clarified that no approval has been given for the disposal of refinery equipment or components as scrap, stressing that all assets remain intact and strategically important to the country.
According to NNPC, the interest shown by the Chinese firms underscores the potential value of the refinery and supports its position that the asset is still economically viable if properly restructured.
The company added that the proposed partnership model is intended to bring in technical expertise, operational efficiency and investment capital while ensuring that the refinery remains under a structure that safeguards national interest.
The Warri Refinery was shut down last year after a brief restart, prompting renewed public debate over the future of Nigeria’s state-owned refineries and calls for their sale.
NNPC, however, maintained that its current approach focuses on rehabilitation and commercial revival rather than liquidation, insisting the facility can still contribute meaningfully to Nigeria’s energy security and industrial base.
