He said the two Chinese companies were the solely ones whose procedure matched what NNPC wants: a partner that invests its own resources and expertise, not a contractor paid for a job. They display that the Port Harcourt Refining Organization owed N4.03 trillion, Kaduna Refining and Petrochemical Business N2.31 trillion, and Warri Refining and Petrochemical Firm N1.97 trillion.
The integrated balance was N8.67 trillion a year earlier, a fall of on N360 billion, or 4.2 per cent. N226.9 billion remained undrawn.
Port Harcourt: NNPC disbursed N26.07 billion to decide invoices owed to NETCO-EMPRON under a nine-month operations and maintenance contract for the Area 5 plant.
The three loans overall N264.4 billion. The document does not tell what drove the decline. The statements present none to the refineries in 2024.
Kaduna: NNPC granted N133.5 billion to finance invoice payments and tax obligations on its Speedy Correct Maintenance project. N56 billion remained undrawn at year-complete.
Warri: NNPC disbursed N104.8 billion to remit taxes on its Speedy Correct Maintenance project. It carries its investments in them at N1.07 trillion for Port Harcourt, N1.02 trillion for Kaduna and N637.8 billion for Warri.
In the Crew’s consolidated accounts, transactions amid the parent and its subsidiaries are netted off. He added that further than 30 of its officials had spent months in Nigeria assessing the plants.
He additionally cautioned against misleading reports regarding the refinery approach, saying some community would be unhappy including a approach that closes off leakages.
He added that no final agreement has been signed.
On concerns concerning the firms’ capacity and follow log, Ojulari said NNPC carried out self-abundant due diligence and that he visited their facilities in China. The Kaduna refinery is not portion of the setup. He said the collection operates one of China’s largest petrochemical plants and holds a stake, together with board representation, in a large Chinese refinery. Ltd. He said NNPC considered extra than 50 prospective partners, narrowed them to concerning 20, and took adjacent to nine months to achieve this stage.
Ojulari said several of the other firms wanted NNPC to offer them equity, or wanted to take over the refinery or secure substantial management. The balances accordingly appear simply in the enterprise-degree disclosures. The aim is a technological equity coordination to complete and operate the Port Harcourt and Warri refineries. Loan balances at the complete of 2025 stood at N29.6 billion for Port Harcourt, N77.6 billion for Kaduna and N113.3 billion for Warri, or N220.5 billion in all.
Wholly owned subsidiaries NNPC Little owns 100 per cent of each refinery. The balances are recorded as funding of operations and represent accumulated amounts, not spending in 2025 alone.
Renewed loans
All the novel loans were granted in 2025.
The Nigerian Nationwide Petroleum Business (NNPC) Tight has said that debt from the Kaduna, Warri and Port Harcourt Refineries to the organization rose to N8.31 trillion at the conclude of 2025, even as it expanded concerning N264.4 billion in renewed loans to the three plants during the year.
The disclosure was made in the enterprise’s 2025 audited financial statements. The statements do not carry independent accounts for the refineries, and their group and operating costs are not broken out.
On 30 April 2026, subsequent to the year-complete, NNPC signed memoranda of understanding alongside two Chinese firms, Sanjiang Chemical Firm Restricted and Xinganchen (Fuzhou) Industrial Park Operation and Administration Co. The financial statements mention the financial consequence cannot yet be reliably estimated, as the agreements persist theme to negotiation and due diligence.
Speaking at NNPC director office in Abuja on Tuesday once the matter of the results, the fixed manager executive officer Bayo Ojulari explained why the organization picked the two firms.
Source: Warri, Kaduna, Port Harcourt Refineries Owe NNPC N8.3trn Amid N264bn in Fresh Loans
