The Nigerian National Petroleum Company Limited (NNPC) Ltd has officially ruled out the 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 sub-commercial, Ojulari said.
Although progress is being made on all three refineries, 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 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.
Sunday Michael Ogwu is a Nigerian journalist and editor of Pinnacle Daily. He is known for his work in business and economic reporting. He has held editorial roles in prominent Nigerian media outlets, where he has focused on economic policy, financial markets, and developmental issues affecting Nigeria and Africa more broadly.
