NNPC prepares for IPO and refinery partnership talks

Nigeria’s state-owned Nigerian National Petroleum Company Ltd. (NNPC) is preparing for a possible initial public offering and pursuing a potential technical-equity partnership with two Chinese firms for its Port Harcourt and Warri refineries, but neither a listing date nor a final refinery agreement has been set, Chief Executive Bayo Ojulari said Tuesday in Abuja. Ojulari said the IPO decision ultimately belongs to NNPC’s shareholders. Management is working toward readiness while consultants and other parties assess the company’s preparedness and outstanding requirements. He said the timing would depend on the assessment, market conditions and other strategic considerations, and that NNPC would announce a date after receiving the necessary advice. No shareholder decision or IPO timetable was reported. The company has completed the first phase of a diagnostic review to identify gaps against listing requirements, Ojulari said. Work to address those areas is continuing across NNPC and its subsidiaries. He described management’s role as preparing the company, while shareholders decide whether to proceed on behalf of the country.