NNPC Rules Out Sale Of Port Harcourt Refinery
The Nigerian National Petroleum Company Limited (NNPC Ltd) has ruled out the sale of the Port Harcourt Refining Company, putting to rest speculations over the future of the country’s foremost state-owned refinery.
Group Chief Executive Officer of the company, Mr Bayo Ojulari, made this known during a company-wide town hall meeting held at the NNPC Towers in Abuja on Wednesday.
He reiterated the organisation’s resolve to see through the ongoing comprehensive rehabilitation of the plant and retain ownership under government control.
Ojulari described selling the Port Harcourt Refinery as “ill-advised and sub-commercial,” saying the idea contradicts the corporation’s long-term strategic goals.
His clarification comes on the heels of mounting public anxiety following remarks made at the 2025 Organisation of the Petroleum Exporting Countries (OPEC) Seminar in Vienna, where he had stated that “all options are on the table” regarding Nigeria’s refineries. The comment triggered widespread speculation that a sale was imminent.
In a statement released by the management after the town hall meeting, NNPC Ltd stressed that the current position was not a reversal of policy but rather an outcome of “detailed technical and financial reviews” of the refineries in Port Harcourt, Kaduna, and Warri.
According to the statement, “The ongoing review indicates that the earlier decision to operate the Port Harcourt refinery before full completion of its rehabilitation was ill-informed and sub-commercial.”
NNPC added that while there has been commendable progress in the rehabilitation of the three major refineries, the emerging outlook underscores the need for stronger technical partnerships to ensure the successful completion and high-grade rehabilitation of the Port Harcourt facility.
“The idea of selling the plant is highly unlikely, as such a move would result in further value erosion,” the statement added.
Ojulari reaffirmed that the national oil firm remains committed to restoring local refining capacity, adding that achieving energy security remains a top priority for the Tinubu-led administration.
Sodiq Lawal is a passionate and dedicated journalist with a knack for uncovering captivating stories in the bustling metropolis of Osun State and Nigeria at large. He has a versatile reporting style, covering a wide range of topics, from politics , campus, and social issues to arts and culture, seeking impact in all facets of the society.
