NNPC Rules Out Sale of Port Harcourt Refinery, Vows to Complete Rehabilitation

The Nigerian National Petroleum Company Limited (NNPC Ltd) has dismissed speculations about the sale of the Port Harcourt Refining Company, affirming its commitment to completing the facility’s rehabilitation and retaining it under national ownership.

NNPC’s Group Chief Executive Officer, Bashir Bayo Ojulari, made the clarification during a company-wide town hall meeting on Tuesday at the NNPC Towers in Abuja. He stated that the decision followed a detailed technical and financial review of the Port Harcourt, Warri, and Kaduna refineries, which revealed that operating the Port Harcourt refinery before fully completing its rehabilitation was “ill-informed and sub-commercial.”

Ojulari emphasized that selling the refinery was “highly unlikely,” as it would lead to further value erosion. Instead, the company is seeking advanced technical partnerships to ensure the facility’s full rehabilitation.

The announcement comes weeks after Ojulari’s remarks at the 2025 OPEC Seminar in Vienna, where he told Bloomberg that “all options are on the table,” sparking speculation about a possible divestment of Nigeria’s refining assets.

The declaration was met with applause from staff, who described the decision as a “reassuring” and “transformational” step toward a more business-focused direction for the national oil company.

During the town hall meeting, NNPC’s Executive Vice Presidents presented progress reports across key business segments, including Upstream, Downstream, Gas, Power, and New Energy. The session also addressed past challenges while outlining a clear roadmap for the company’s future.

Ojulari reiterated NNPC’s mandate as the custodian of Nigeria’s critical energy infrastructure, emphasizing the company’s resolve to ensure the long-term viability of the nation’s refineries. The move aligns with the Federal Government’s broader energy security objectives and commitment to retaining strategic assets under national control.

He assured stakeholders that NNPC Ltd remains focused on transparency, commercial viability, and its responsibility to Nigerians as its primary stakeholders.

The NNPC’s latest position signals a renewed determination to deliver fully operational refineries, reducing Nigeria’s dependence on imported petroleum products.