AKINWALE ABOLUWADE
The Nigerian National Petroleum Company Limited (NNPC Ltd) has ruled out the sale of the Port Harcourt Refining Company, putting an end to recent speculations about the future of the state-owned facility.
Group Chief Executive Officer of NNPC Ltd, Bayo Ojulari, made the clarification during a company-wide town hall meeting held at the NNPC Towers in Abuja.
The meeting followed widespread public concern sparked by his earlier remarks at the 2025 OPEC Seminar in Vienna, where he stated that “all options are on the table” regarding Nigeria’s refineries—a comment that triggered speculation about a possible sale.
In an official statement issued on Wednesday, NNPC Ltd reaffirmed its commitment to completing the ongoing rehabilitation of the Port Harcourt refinery, describing any proposal to sell the facility as “ill-advised and sub-commercial.”
Ojulari emphasized that the company’s current stance is not a reversal, but one informed by ongoing technical and financial evaluations of the Port Harcourt, Warri, and Kaduna refineries.
“The ongoing review indicates that the earlier decision to operate the Port Harcourt refinery before the full completion of its rehabilitation was ill-informed and sub-commercial,” the statement read.
While acknowledging that progress is being made across the three major refineries, Ojulari noted that new realities demand more robust technical partnerships to achieve the desired outcomes for the Port Harcourt plant.
“Therefore, a sale is highly unlikely as it would only result in further value erosion,” it added.
