The Independent Petroleum Marketers Association of Nigeria (IPMAN), Eastern Zone, has urged the Nigerian National Petroleum Company Limited (NNPCL) to speed up the proposed Technical Equity Partnership with two Chinese firms, saying the project could increase local refining capacity and reduce petrol prices through greater competition.
In a press statement issued on Sunday, IPMAN Eastern Zone Secretary, Comrade Inimgba Emmanuel Okubowei, called on NNPCL Group Chief Executive Officer, Engr. Bashir Bayo Ojulari, to expedite the completion of the partnership involving Sanjiang Chemical Company Limited and Xinganchen (Fuzhou) Industrial Park Operation and Management Co. Ltd.
The agreement is aimed at completing and operating the Warri and Port Harcourt refineries.
According to IPMAN, the partnership followed the signing of a Memorandum of Understanding on April 30, 2026, to restore and expand operations at the two refineries. However, the association expressed concern over what it described as a prolonged delay in concluding the agreement.
Speaking at the Good Governance Summit organised by the Working People United (WOPU) in Abuja, Okubowei said the delay was denying Nigerians the economic and social benefits expected from the investment.
He said increased domestic refining capacity would strengthen Nigeria's downstream petroleum sector, attract fresh investment, improve product availability and boost investor confidence.
Okubowei also argued that bringing additional technically competent operators into the refining sector would encourage healthy competition, discourage monopolistic practices and ultimately lead to lower pump prices for Premium Motor Spirit (PMS).
"Nigerians continue to face severe hardship due to the high cost of petrol. Increased local refining capacity and greater market competition will naturally drive prices downward," he said.
IPMAN further appealed to NNPCL to provide a clear timeline for concluding the Technical Equity Partnership, saying greater transparency and timely communication would reassure stakeholders and strengthen public confidence.
The association maintained that the successful execution of the agreement would enhance Nigeria's energy security, create jobs, stimulate economic growth and provide long-term relief to consumers through more affordable petroleum products.
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