NNPC advances IPO plans and refinery rehabilitation efforts

The Nigerian National Petroleum Company Limited (NNPC) is advancing preparations for an initial public offering (IPO) as mandated by the Petroleum Industry Act 2021. Group CEO Bayo Bashir Ojulari stated that the company has completed a baseline assessment and is currently addressing governance and reporting gaps identified by advisers to prepare for the capital market.

In a separate effort to bolster domestic production, NNPC is awaiting technical reports from two Chinese firms, Sanjiang Chemical Company Limited and Xinganchen (Fuzhou) Industrial Park Operation and Management Co. Limited. These firms have completed three months of on-site assessments at the Port Harcourt and Warri refineries.

NNPC is pursuing a technical equity partnership model to ensure the refineries become commercially competitive and profitable, rather than focusing solely on physical repairs. The next steps involve reviewing the final assessment reports and negotiating technical and commercial terms with the prospective partners.