The Nigerian National Petroleum Company Limited (NNPC Ltd) has officially dismissed plans to sell the Port Harcourt Refining Company, reiterating its commitment to fully rehabilitate and retain the refinery.
NNPC Ltd’s Group Chief Executive Officer, Bayo Ojulari, made the declaration during a company-wide town hall meeting held at the NNPC Towers in Abuja, putting an end to weeks of speculation surrounding the future of one of Nigeria’s key state-owned refining assets.
In a statement released by the company’s management on Wednesday, it was emphasized: “NNPC Ltd has ruled out the sale of the Port Harcourt Refining Company, reaffirming its dedication to completing a high-quality rehabilitation and retaining ownership of the facility.”
Ojulari described any plans to sell the Port Harcourt refinery as “ill-advised and sub-commercial.”
The CEO’s comments come after earlier remarks at the 2025 OPEC Seminar in Vienna, where he suggested that “all options are on the table” regarding the fate of Nigeria’s refineries, sparking widespread speculation about a potential sale.
However, Ojulari clarified that the company’s current stance does not represent a change in policy but reflects the results of thorough technical and financial assessments of the Port Harcourt, Kaduna, and Warri refineries.
According to the statement, “The review shows that the previous decision to operate the Port Harcourt refinery before fully completing its rehabilitation was ill-informed and commercially unsound.”
While progress is ongoing at all three refineries, the findings highlight the need for more advanced technical partnerships to finalize and enhance the rehabilitation of the Port Harcourt facility.
“As such, a sale is highly unlikely, as it would risk further loss of value,” the statement concluded.
