The Nigerian National Petroleum Company Limited (NNPCL) has said Nigeria’s national refineries will only be returned to operation when they can demonstrate the capacity to operate profitably and sustainably.
Group Chief Executive Officer of NNPCL, Bashir Bayo Ojulari, disclosed this in Abuja while presenting the company’s 2025 audited financial results.
Ojulari said the company was reviewing the refineries under a technical equity partnership model aimed at ensuring that any facility brought back on stream can sustain its operations without becoming a financial burden.
According to him, NNPCL recently completed a three-month intensive on-site due diligence exercise involving more than 34 engineers from its partners.
He said the exercise provided fresh insights into the condition and requirements of the facilities, with the company now working towards establishing a clear pathway for their sustainable and profitable operation.
“Our objective remains the same: what we want going forward is to have a refinery that is self-sustaining, profitable and sustainable,” Ojulari said.
He disclosed that Chinese partners are currently reviewing the refineries at no cost to Nigeria, with discussions centred on bringing them into the facilities through equity participation.
The NNPCL chief explained that the proposed ownership structure would give the partners a direct stake in the performance of the refineries.
Ojulari said the company had also drawn lessons from visits to Chinese petrochemical facilities, some of which he said operate at full design capacity.
Meanwhile, NNPCL reported a profit after tax of N7.2 trillion for 2025, representing a 33 per cent increase from the N5.4 trillion recorded in 2024.
The company generated N34.5 trillion in revenue, while taxes, royalties and other remittances to government rose by 39 per cent to N22.3 trillion.
Ojulari attributed the growth in profit to improved operational efficiency, tighter financial discipline and efforts to block revenue leakages and reduce wastage.
He also disclosed that crude oil and condensate production reached a five-year peak of 1.77 million barrels per day, while domestic gas supply rose to a three-year high of 7.2 billion standard cubic feet per day.
On infrastructure, Ojulari said the Ajaokuta-Kaduna-Kano gas pipeline had reached the final connection stage after the completion of welding along the mainline.
He said the real economic impact of the project would become evident when gas begins flowing to power plants and industries, creating jobs and expanding economic opportunities.
NNPCL also disclosed that it is working towards increasing oil production to three million barrels per day by 2030 through new projects and production-sharing agreements, including the Bunga Southwest development.
The company, however, said it has yet to set a timeline for its proposed Initial Public Offering, noting that the decision ultimately rests with its shareholders.
