IPMAN has raised concerns regarding the progress of a strategic partnership with a Chinese refinery, citing delays in the deal's execution.
The Nigerian energy company highlighted these operational hurdles as it seeks to finalize the agreement, which is central to its expansion strategy in the Asian market.
The setback comes at a time when global energy markets are grappling with significant headwinds.
Indian refiners, a key competitor in the region, are facing substantial challenges in accessing Iranian crude oil despite a temporary 60-day reprieve from US sanctions.
This regulatory uncertainty is complicating supply chains across the broader Asia-Pacific refining sector.
Simultaneously, Chinese manufacturing activity has shown signs of slowing, with the ripple effects of the ongoing Middle East conflict beginning to impact global trade flows.