The Independent Petroleum Marketers Association of Nigeria (IPMAN) has called on the Nigerian National Petroleum Company Limited (NNPC Ltd) to hasten the completion of its proposed Technical Equity Partnership with two Chinese firms, a move widely seen as critical to reviving Nigeria’s struggling refining sector. The association believes the partnership could unlock significant economic benefits, improve fuel availability, and ease the burden of high energy costs currently affecting millions of Nigerians.
The proposed collaboration, which involves Sanjiang Chemical Company Limited and Xinganchen (Fuzhou) Industrial Park Operation and Management Co. Ltd, was initiated through a Memorandum of Understanding (MoU) signed on April 30, 2026. The agreement is designed to facilitate the completion, rehabilitation, and operation of the Warri and Port Harcourt refineries, two key assets expected to boost the nation’s domestic refining capacity and reduce dependence on imported petroleum products.
Speaking on the development, the Zonal Secretary of IPMAN Eastern Zone (System 2E), Comrade Inimgba Emmanuel Okubowei, expressed concern over the prolonged delay in finalizing the agreement. According to him, every day lost in concluding the partnership translates into missed economic opportunities, reduced investor confidence, and continued pressure on the downstream petroleum sector.
Okubowei noted that Nigerians continue to grapple with rising fuel prices, a situation that has placed enormous strain on households and businesses nationwide. He expressed confidence that once the Chinese companies begin full operations at the refineries, increased local production and stronger market competition would help stabilize supply and ultimately drive down the price of Premium Motor Spirit (PMS), commonly known as petrol.
The IPMAN official further emphasized that healthy competition remains the most effective tool for ensuring fair pricing and efficiency in the petroleum market. He therefore appealed to NNPC Group Chief Executive Officer, Engr. Bashir Bayo Ojulari, to accelerate all outstanding processes surrounding the partnership and provide Nigerians with a clear timeline for the project’s commencement, stressing that transparency and swift action are essential to restoring public confidence and delivering long-awaited relief to consumers.
source: newtelegraph
