NNPC Considering Sale Of Refineries After Gulping $18bn For Rehabilitation – Ojulari
The Chief Executive Officer (CEO) of the Nigerian National Petroleum Company (NNPC) Limited, Bayo Ojulari, says it is becoming a ‘bit more’ complicated to revamp state-owned refineries.
It would be recalled that NNPC, on November 26, 2024, said the Port Harcourt refinery had officially commenced crude oil processing, but the refinery shut down in May for maintenance.
The Warri and Kaduna refineries are, however, still undergoing rehabilitation.
Speaking in an interview with Bloomberg on Thursday, Ojulari said the NNPC is currently reassessing its refinery strategies and aims to finalise the review by year-end.
The NNPC boss spoke to Bloomberg on the sidelines of the 9th OPEC international seminar in Vienna, Austria.
“So refineries, we made quite a lot of investment over the last several years and brought in a lot of technologies. We’ve been challenged,” he said.
“Some of those technologies have not worked as we expected so far. But also, as you know, when you’re refining a very old refinery that has been abandoned for some time, what we’re finding is that it’s becoming a little bit more complicated.
“So we’re reviewing all our refinery strategies now. We hope before the end of the year, we’ll be able to conclude that review. That review may lead to us doing things slightly differently.”
Ojulari further said NNPC remains uncertain whether the review will result in the sale of the refineries.
“But what we’re saying is that sale is not out of the question. All the options are on the table, to be frank, but that decision will be based on the outcome of the reviews we’re doing now,” he said.
Olamilekan Adigun is a graduate of Mass Communication with years of experience in journalism embedded in uncovering human interest stories. He also prioritises accuracy and factual reportage of issues.
