The Nigerian National Petroleum Company Limited (NNPC Ltd) has dismissed speculations about the sale of the Port Harcourt Refining Company, affirming that the facility will be fully rehabilitated and retained under government ownership.
NNPC Ltd’s Group Chief Executive Officer, Bayo Ojulari, made this clear during a company-wide town hall meeting held at the NNPC Towers in Abuja. The clarification follows public concerns sparked by Ojulari’s earlier comments at the 2025 OPEC Seminar in Vienna, where he stated that “all options are on the table” regarding Nigeria’s refineries.
In a statement issued Wednesday, Ojulari described the idea of selling the Port Harcourt refinery as “ill-advised and sub-commercial,” emphasizing that NNPC remains committed to its complete rehabilitation.
He noted that detailed technical and financial reviews are ongoing for the Port Harcourt, Warri, and Kaduna refineries. According to him, early efforts to resume operations at the Port Harcourt refinery before completing full rehabilitation were misinformed and not economically viable.
“Although progress is being made across all three refineries, the current outlook requires advanced technical partnerships to finalize and enhance the Port Harcourt facility,” the statement read. “Selling is not a viable option and would further erode value.”
NNPC Ltd is currently leading the phased overhaul of its refining assets as part of a broader strategy to reduce Nigeria’s dependence on imported fuel and achieve energy self-sufficiency.
