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Abuja, FCT – By Prime Brief Media

Chinese investors are reportedly on the verge of acquiring a 51 percent equity stake in the Port Harcourt and Warri refineries, a development that could fundamentally alter the ownership and operational structure of Nigeria's state-owned refining assets.

The reports, carried by multiple newspapers on Friday, indicate that the acquisition is being structured under the Technical Equity Partnership model recently signed between the Nigerian National Petroleum Company Limited and two Chinese engineering firms. Under the arrangement, the Chinese partners would take a majority stake and manage the refineries for an agreed period, with performance benchmarks and technology transfer obligations.

NNPC Group CEO Mele Kyari had previously signalled that the days of spending billions of dollars on refinery rehabilitation without accountability were over and that equity participation would ensure the commitment of technical partners. The potential sale of a majority stake, however, is likely to generate significant public debate, with labour unions and civil society groups already expressing concern.

The Dangote Refinery, meanwhile, continues to ramp up production, with Nigeria recently becoming a net exporter of petrol.

Prime Brief Media will follow industry reactions and corporate disclosures as this story progresses.

#Refineries #NNPC #ChineseInvestment #OilSector #NigeriaEconomy #PrimeBriefMedia