The Nigerian National Petroleum Company Limited (NNPC Ltd) has firmly ruled out the possibility of selling the Port Harcourt Refining Company, quelling weeks of public speculation and reinforcing its role as a key national energy asset.
Speaking during a company-wide town hall held at the NNPC Towers in Abuja on Tuesday, July 29, Group Chief Executive Officer Bashir Bayo Ojulari clarified that the company remains fully committed to completing the refinery’s high-grade rehabilitation.
“The Nigerian National Petroleum Company Limited has officially ruled out the sale of the Port Harcourt Refining Company, reaffirming its commitment to completing high-grade rehabilitation and retention of the plant,” a statement from NNPCL management read on Wednesday.
Ojulari described any plan to sell the Port Harcourt facility as “ill-advised and sub-commercial,” in response to concerns triggered by his previous remarks at the 2025 OPEC Seminar in Vienna, where he had said “all options are on the table” for Nigeria’s refineries.
Clarifying the company’s stance, Ojulari emphasized that the latest decision is not a reversal but rather the result of in-depth technical and financial evaluations of the Port Harcourt, Kaduna, and Warri 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 commercially unviable,” the statement noted.
NNPC Ltd added that although rehabilitation progress is ongoing at all three refineries, the new outlook necessitates stronger technical partnerships to ensure a more robust and valuable overhaul, especially for the Port Harcourt facility.
“Thus, selling is highly unlikely as it would lead to further value erosion,” the statement concluded.
During the town hall meeting, Executive Vice Presidents from various divisions—Upstream, Downstream, Finance, Business Services, Gas, Power, and New Energy—presented updates on operational progress, reforms, and challenges.
Ojulari stressed that the company’s renewed focus reflects its national mandate to safeguard strategic energy infrastructure while pushing for long-term viability through transparency, performance, and professionalism.
“NNPC Ltd will continue to reposition itself as a commercially driven, professionally managed national energy company, grounded in transparency, focused on performance, and unwavering in its responsibility to its number one stakeholder group—Nigerians,” he said.
The announcement was met with applause from hundreds of staff in attendance, who described the declaration as a much-needed reaffirmation of the company’s direction, stability, and alignment with national interests.
