Nigerian National Petroleum Company Limited (NNPCL) has ruled out the sale of the Port Harcourt Refining Company, reaffirming its commitment to completing the high-grade rehabilitation and retention of the plant.
Gatekeepers News reports that the announcement was made by the Group Chief Executive Officer (GCEO) of NNPC Limited, Bashir Ojulari, during a town hall meeting in Abuja.
According to Ojulari, the decision is informed by ongoing detailed technical and financial reviews of the Port Harcourt, Kaduna, and Warri refineries, which indicate that selling the refinery would lead to further value erosion. He stated that the company is instead exploring advanced technical partnerships to complete and high-grade the rehabilitation of the refinery.
The announcement comes after widespread speculation following Ojulari’s remarks at the 2025 OPEC Seminar in Vienna, Austria, where he said that “all options are on the table.”
However, Ojulari clarified that the company’s position has not shifted, and it remains committed to delivering on the complete rehabilitation and long-term viability of Nigeria’s refineries.
The NNPCL said the announcement reinforces its mandate as a strategic custodian of national energy infrastructure and reflects a firm resolve to retain critical assets under national control. The company also emphasized its commitment to transparency, performance, and responsibility to its stakeholders, particularly Nigerians.
Ojulari concluded that NNPC Ltd will continue to reposition itself as a commercially driven, professionally managed national energy company, with a focus on delivering sustainable results.
