The Nigerian National Petroleum Company Limited (NNPC Ltd) has dismissed speculation about the potential sale of the Port Harcourt Refining Company, reaffirming its commitment to completing a high-grade rehabilitation of the facility.
Group Chief Executive Officer, Bayo Ojulari, announced during a company-wide town hall meeting at the NNPC Towers in Abuja, putting an end to weeks of uncertainty surrounding the future of the refinery—Nigeria’s most prominent state-owned refining asset.
In a statement issued by the company on Wednesday, NNPC Ltd reiterated:
“The Nigerian National Petroleum Company Limited has officially ruled out the sale of the Port Harcourt Refining Company, reaffirming its commitment to completing high-grade rehabilitation and retention of the plant.”
Ojulari described the idea of selling the refinery as “ill-advised and sub-commercial,” addressing public concerns sparked by his earlier remarks at the 2025 OPEC Seminar in Vienna, where he had stated that “all options are on the table” regarding the country’s refineries. That comment had fueled speculation about a possible sale.
Clarifying the company’s position, Ojulari noted that the current stance is not a policy reversal but is based on ongoing technical and financial reviews of the Port Harcourt, Kaduna, and Warri refineries.
The statement further noted.
“The ongoing review indicates that the earlier decision to operate the Port Harcourt refinery before the full completion of its rehabilitation was ill-informed and sub-commercial.”
“While there is steady progress on all three facilities, the evolving situation points to the need for more advanced technical partnerships to complete and upgrade the rehabilitation of the Port Harcourt refinery.”
“Therefore, a sale is highly unlikely, as it would only result in further value erosion.”
