NNPC Rules Out Sale of Port Harcourt Refinery, Cites Advanced Rehabilitation Strategy

The Nigerian National Petroleum Company Limited (NNPC Ltd.) has dismissed speculation surrounding the sale of the Port Harcourt Refining Company, affirming instead its commitment to completing a comprehensive, high-grade rehabilitation of the facility.

Group Chief Executive Officer, Bashir Ojulari, made the clarification during a company-wide town hall meeting held at the NNPC Towers in Abuja. His remarks followed recent media interpretations of his earlier comments at the 2025 OPEC Seminar in Vienna, where he had stated that “all options are on the table.”

According to a company statement, Ojulari clarified that the decision not to sell the refinery is rooted in ongoing technical and financial assessments of Nigeria’s three major refineries—Port Harcourt, Kaduna, and Warri. These reviews, he said, revealed that previous plans to operate the Port Harcourt plant before completing its full rehabilitation were “ill-informed and sub-commercial.”

“While we’ve seen progress across all three facilities, current projections highlight the need for more advanced technical partnerships to fully upgrade the Port Harcourt refinery,” Ojulari stated. “A sale at this stage would not only be premature but would also result in significant value erosion.”

The announcement puts to rest swirling rumors sparked by Ojulari’s OPEC interview, which had led to widespread speculation about possible divestments in the nation’s refining sector.

Ojulari emphasized NNPC’s continued transformation into a commercially driven, professionally managed enterprise committed to transparency, performance, and national interest.

The declaration was met with strong support from employees in attendance, who viewed it as a reaffirmation of the company’s long-term strategic direction. The town hall was described as more than just a performance briefing it served as a platform for open and candid dialogue across the organization.

Executive Vice Presidents presented updates on NNPC’s core business units including Upstream, Downstream, Finance, Business Services, Gas, Power, and New Energy—highlighting achievements, reforms, and operational gaps requiring attention.

The statement concluded by reaffirming NNPC’s role as the strategic custodian of Nigeria’s energy infrastructure, underscoring its commitment to rehabilitating and retaining critical national assets in alignment with the Federal Government’s broader energy security goals.