The Nigerian National Petroleum Company Limited (NNPC) Ltd has officially ruled out sale of the Port Harcourt Refining Company, reaffirming its commitment to completing high-graded rehabilitation and retention of the plant.
The Group Chief Executive Officer (GCEO) of NNPC Limited, Bashir Bayo Ojulari,
announced this at a company-wide town hall meeting on Tuesday at the NNPC towers, Abuja. He stated that the position isn’t a shift. Rather, it is informed by ongoing detailed technical and financial reviews of the Port Harcourt, Kaduna and
Warri refineries.
The ongoing review indicates that the earlier decision to operate the Port Harcourt refinery prior to full completion of its rehabilitation was ill-informed and subcommercial,
Ojulari said.
Although progress is being made on all three, the emerging outlook calls for more advanced technical partnerships to complete and high-grade the rehabilitation of
the Port Harcourt refinery. Thus, selling is highly unlikely as it would lead to further value erosion.
The announcement comes in the wake of widespread speculation following his
remarks at the 2025 OPEC Seminar in Vienna, Austria earlier this month, where he
said during an interview with Bloomberg that “all options are on the table.”
The comment sparked speculation and headlines about the future of the nation’s refining assets.
The declaration was received with applause from hundreds of staff attendees, who
described the position as a renewed sense of business-focused direction across the organisation.
The town hall served as more than a performance update—it was an opportunity for candid and constructive engagement.
The Executive Vice President presented
progress reports from the Upstream, Downstream, Finance, Business Services, Gas, Power, and New Energy businesses, highlighting operational achievements,
ongoing reforms, and areas requiring attention.
In a tone marked by honesty and leadership, challenges and earlier missteps were acknowledged, and a clear roadmap was outlined for the journey ahead.
The announcement reinforces NNPC’s mandate as a strategic custodian of national
energy infrastructure and reflects a firm resolve to deliver on the complete
rehabilitation and long-term viability of Nigeria’s refineries. It also signals continuity
in the Federal Government’s broader energy security objectives and a
commitment to retaining critical assets under national control.
NNPC Ltd will continue to reposition itself as a commercially driven, professionally
managed national energy company, grounded in transparency, focused on
performance, and unwavering in its responsibility to its number one stakeholder
group, Nigerians, NNPC GCEO concluded.
