The Eastern Zone of the Independent Petroleum Marketers Association of Nigeria (IPMAN) has urged the Nigerian National Petroleum Company Limited (NNPCL) to expedite the proposed Technical Equity Partnership with two Chinese firms for the completion and operation of the Warri and Port Harcourt refineries.
The association said the delay in concluding the agreement is denying Nigerians the economic benefits expected from increased domestic refining capacity and improved competition in the downstream petroleum sector.
Speaking in Abuja during the Good Governance Summit organised by the Working People United (WOPU), the Zonal Secretary of IPMAN Eastern Zone (System 2E), Comrade Inimgba Emmanuel Okubowei, called on the Group Chief Executive Officer of NNPCL, Engr. Bashir Bayo Ojulari, to accelerate the process of finalising the partnership with Sanjiang Chemical Company Limited and Xinganchen (Fuzhou) Industrial Park Operation and Management Co. Ltd.
The proposed partnership followed the signing of a Memorandum of Understanding (MoU) on April 30, 2026, aimed at restoring and expanding operations at the Warri and Port Harcourt refineries.
Okubowei expressed concern over what he described as the prolonged delay in implementing the agreement, noting that the investment would strengthen Nigeria’s downstream petroleum industry, attract fresh investments, boost refining capacity, improve product availability and enhance investor confidence.
He also decried the hardship faced by Nigerians due to the high cost of Premium Motor Spirit (PMS), expressing optimism that fuel prices would decline once the Chinese firms commence operations at the refineries.
According to him, increased domestic refining capacity and greater competition among operators would help reduce pump prices, discourage monopolistic practices, improve efficiency and guarantee a more stable supply of petroleum products.
He maintained that healthy competition remains the most effective means of ensuring fair pricing in the downstream petroleum sector.
The IPMAN official appealed to the NNPCL management to conclude all outstanding processes required for the Technical Equity Partnership, adding that its timely execution would enhance Nigeria’s energy security, create jobs and stimulate economic growth.
He also called on the NNPCL leadership to explain the reasons for the delay and provide Nigerians with a definite timeline for the commencement of the project.
Okubowei stressed that regular updates on the progress of the partnership would promote transparency, strengthen public confidence and reassure stakeholders that the project remains on course.
