Speaking in Abuja on Monday during a media parley on the
company’s 2024 audited financial statements (AFS), Bayo Ojulari, the group
chief executive officer (CEO) of the NNPC board, said the agreements are
expected to be finalised by mid-2026.

Ojulari said NNPC’s transition to a limited liability
company has given it more freedom to operate commercially, allowing it to take
advantage of opportunities and make decisions with greater ease.

The GCEO said NNPC is seeking partnerships with experienced
private entities to address the loss of technical capability over time.

“What we’re looking at is some partnership with private
entities; private entities that have existing refineries that they are running.
It’s not by mouth, they have that track record,” Ojulari said.

“Our intention is to partner with them as a business? We are
not partnering as government, we are partnering as a CAMA company. It’s very
different

“It’s a commercial arrangement where they bring in technical
capacity, technical resources, and we complement with the capability that we
have, and we co-operate them.

“But they lead the operation because we want people who are
skilled in the game, right? So, that’s what the intention is.”

Ojulari reiterated that the NNPC is conducting a thorough
review of its refineries’ technical and commercial viability to ensure
sustainable and profitable operations.

He said the aim is to break the cycle of inconsistent
refinery performance and create a stable, profitable business model.

“That requires rigorous engineering, rigorous commercial
constructs, and ensuring that the parties that we bring on board are people who
have reputation in operating refineries before, not just anybody on the
streets,” the GCEO said.

NNPPC TARGETS $60BN INVESTMENT BY 2030

Ojulari said NNPC is pursuing investments of up to $60
billion by 2030, in line with the presidential directive.

“What does that mean? Creating the right environment,
demonstrating transparency of performance so that investors are not asking
questions,” he said.

The GCEO also said NNPC aims to increase production to 1.7
million barrels per day (bpd) in 2025, with ambitions to reach 1.8 million bpd
in 2026 and 2 million bpd by 2027.

Ojulari added that the company is taking a proactive
approach, doing everything necessary to make its targets happen without
second-guessing or looking for alternatives.

In November 2024, the NNPC said the Port Harcourt refinery
had officially commenced crude oil processing, but the refinery shut down in
May for maintenance.

The national oil firm said the Warri and Kaduna refineries
are still undergoing rehabilitation.

In March 2021, the federal government had approved $1.5
billion for the rehabilitation of the Port Harcourt refinery in Rivers state.

In August 2021, the FEC also approved the sum of $1.48
billion for the rehabilitation of both Warri and Kaduna refineries, in three
phases of 21, 23, and 33 months.

Earlier this year, Ojulari said the company is considering
the sale of the refineries, noting that the rehabilitation is becoming more
complicated.

Commenting on the developments, Aliko Dangote, president of
the Dangote Group, said he is sceptical that the Port Harcourt, Warri, and
Kaduna refineries — owned by the NNPC — will work again.