INDEPENDENT Petroleum Marketers Association of Nigeria (IPMAN) has called on the Nigerian National Petroleum Company Limited (NNPCL) to accelerate all outstanding processes necessary for the conclusion of the proposed technical equity partnership with the Chinese companies for the completion and operation of the Warri and Port Harcourt Refineries.

Former Unit Chairman and the current Zonal Secretary of IPMAN Eastern Zone (System 2E), Comrade Inimgba Emmanuel Okubowei, making the plea, expressed concern that the delay in concluding the agreement is depriving Nigerians of the immense economic and social benefits expected from the investment.

The Chinese companies in partnership with NNPCL are Sanjiang Chemical Company Limited and Xinganchen (Fuzhou) Industrial Park Operation and Management Co. Ltd.

The partnership was initiated through the signing of a Memorandum of Understanding (MoU) on April 30, aimed at restoring and expanding the refineries’ operations.

Speaking with journalists in Abuja during the “Good Governance Summit,” organised by the Working People United (WOPU), Okubowei urged NNPCL to expedite action on the MoU.

He noted that the partnership would strengthen Nigeria’s downstream petroleum sector, attract fresh investment, improve refining capacity, enhance product availability and increase investor confidence in the nation’s oil and gas industry.

Okubowei also lamented the hardship Nigerians continue to face due to the high cost of petrol, stating that many households and businesses are struggling under the burden of rising fuel prices.

He expressed optimism that petroleum prices would decline once Sanjiang Chemical Company Limited and Xinganchen (Fuzhou) Industrial Park Operation and Management Co. Ltd commence full operations at the Warri and Port Harcourt Refineries, as increased domestic refining capacity and greater market competition would naturally drive prices downward.

According to Okubowei, healthy competition remains the most effective way to ensure fair pricing in the downstream petroleum sector.

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