The Nigerian National Petroleum Company Limited says its recently signed Memorandum of Understanding with two Chinese firms for the rehabilitation and operation of the Port Harcourt and Warri refineries has entered the evaluation stage.

Group Chief Executive Officer of NNPC Ltd, Bayo Ojulari, disclosed this in a statement, explaining that the initiative is aimed at creating profitable and self-sustaining refineries through a performance-based partnership model.

Ojulari stressed that the memorandum is not a binding agreement but an understanding to explore a possible partnership, noting that the prospective partners are funding the due diligence process to ensure all decisions are based on technical and commercial assessments.

He added that beyond refinery rehabilitation, the proposed partnership is expected to stimulate investments across the wider energy sector, including petrochemicals and gas-based industries such as methanol production. The outcome of the evaluation is expected to determine whether the partnership will pave the way for the long-awaited revival of Nigeria's state-owned refineries.