The future of the Port Harcourt refinery may hinge on a new model of collaboration that blends local control with international expertise. Oil marketers under the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) have called on the Federal Government to embrace reputable foreign firms as technical and equity partners in the plant’s management, an approach they believe could finally restore efficiency to one of Nigeria’s most troubled assets.
A shift towards technical & equity partnerships
This push comes after the Nigerian National Petroleum Company Limited (NNPCL), under the leadership of its Group Chief Executive Officer, Engr. Bayo Ojulari, initiated discussions on adopting a Technical and Equity (T&E) partnership model. Unlike past rehabilitation efforts that relied heavily on government funding and bureaucracy, this model allows private firms to both manage and hold equity in the refinery, ensuring they have “skin in the game.”
PETROAN praised the decision to award the refinery’s assessment contract to UOP, a global oil and gas technology firm. According to Dr. Joseph Obele, PETROAN’s National PRO, this marks a strong departure from politically driven interventions of the past and lays the foundation for a more credible, investor-friendly process.
Why the T&E model matters
Industry watchers note that the T&E approach mirrors the structure that has sustained Nigeria LNG in Bonny, where technical partners such as Shell, TotalEnergies, and Eni hold equity alongside NNPCL. The model has delivered operational stability, profitability, and world-class standards.
For PETROAN, replicating this structure at the Port Harcourt refinery is a no-brainer. “It will not only restore output but also act as a market stabilizer against monopoly pricing,” said the association’s National President, Dr. Billy Gillis-Harry.
He argued that a functional Port Harcourt refinery would provide a much-needed check on the dominance of private mega-refineries, ensuring Nigerians benefit from competitive pricing while safeguarding retailers, tanker drivers, and host communities.
A call for transparency and speed
The group stressed the need for transparency and an expedited timeline, urging the Federal Government to avoid delays that have plagued past refinery projects. “We strongly recommend reputable foreign companies be fairly considered as technical and equity partners, without political interference,” Gillis-Harry added.
PETROAN also applauded President Bola Tinubu for his commitment to energy infrastructure, highlighting the ongoing repairs of the Eleme Expressway—a critical link for petroleum logistics in Rivers State.
Industry tensions remain high
However, this renewed optimism is unfolding against a backdrop of frustration. The Independent Petroleum Marketers Association of Nigeria (IPMAN) recently issued a stern warning to NNPC, demanding that the refinery be fixed or that Ojulari step down. They argued that the $1.5 billion rehabilitation project has dragged on for too long, causing job losses across the downstream sector.
The refinery, which completed a major rehabilitation phase in November 2024, has suffered repeated shutdowns—including a maintenance halt earlier in May 2025 that raised fears of fuel shortages.
The road ahead
Analysts believe that bringing in foreign partners could finally break the cycle of failed turnarounds. But the real test will be execution. If the T&E model succeeds, it could redefine how Nigeria manages strategic energy assets, blending global know-how with local ownership.
For now, all eyes are on the Federal Government and NNPCL to prove that this is not just another promise, but the start of a credible path toward energy security and refinery self-sufficiency.
