Port Harcourt Refinery Not For Sale — NNPC

The Nigerian National Petroleum Company Limited (NNPC) has 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 in Abuja.

Ojulari stated that the position was not a shift. “Rather, it is informed by ongoing detailed technical and financial reviews of the Port Harcourt, Kaduna and Warri refineries.”

According to him, 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 sub-commercial.

He said although progress was being made on all the three refineries, the emerging outlook calls for more advanced technical partnerships to complete and high-grade the rehabilitation of the Port Harcourt Refinery, arguing that selling is highly unlikely as it would lead to further value erosion.

The announcement comes in the wake of widespread speculations following Ojulari’s remarks at the 2025 OPEC Seminar in Vienna, Austria earlier this month, where he said “all options are on the table” during an interview with Bloomberg.

The comment sparked speculation and headlines about the future of the nation’s refining assets.

The declaration was applauded by hundreds of attendees, who described the position as a renewed sense of business-focused direction across the organisation.

The NNPC said the town hall served as more than a performance update but also an opportunity for candid and constructive engagement.

The executive vice presidents 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.

“The announcement reinforces NNPC’s mandate as a strategic custodian of national energy infrastructure and reflects a firm resolve to deliver 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,” Ojulari said.

According to him, feedback during and after the session revealed a workforce energised and aligned with the leadership’s vision.

Described as reassuring, transformational, and sustainable, the atmosphere reflected an optimist outlook among employees and gives hope about the company’s evolving strategic direction.

“NNPC 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,” Ojulari added.