IPMAN Pushes NNPCL to Fast-Track Refinery Partnership

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has urged the Nigerian National Petroleum Company Limited (NNPCL) to speed up the remaining steps needed to complete its planned technical equity partnership with two Chinese firms for the Warri and Port Harcourt Refineries. IPMAN believes that a quicker conclusion to the agreement will unlock major economic gains for the country. The refinery partnership remains vital to the future of Nigeria’s energy sector.

Speaking in Abuja during the Good Governance Summit, organised by the Working People United (WOPU), former IPMAN Unit Chairman and current Zonal Secretary of the Eastern Zone (System 2E), Comrade Inimgba Emmanuel Okubowei, said delays in finalising the agreement continue to deny Nigerians the expected benefits. He stressed that the refinery partnership should move forward without further setbacks.

The proposed collaboration involves Sanjiang Chemical Company Limited and Xinganchen (Fuzhou) Industrial Park Operation and Management Co. Ltd., working alongside NNPCL. The parties signed a Memorandum of Understanding on 30 April to restore and expand operations at both refineries.

Okubowei explained that the project would strengthen Nigeria’s downstream petroleum sector, attract fresh investment, improve refining capacity, increase the supply of petroleum products and boost investor confidence across the oil and gas industry. He also highlighted the growing pressure on households and businesses caused by the high cost of petrol.

According to him, fuel prices are likely to fall once the Chinese companies begin full operations at the Warri and Port Harcourt Refineries. He believes that greater local refining and stronger market competition will naturally reduce prices. Okubowei added that healthy competition remains the best way to achieve fair pricing in the downstream petroleum sector, making the refinery partnership an important step towards lasting improvements.