NNPC Limited Reaffirms: Port Harcourt Refinery Not for Sale
The Nigerian National Petroleum Company Limited (NNPC Ltd) has categorically dismissed speculations regarding the sale of the Port Harcourt Refining Company, stating that the refinery is not for sale and remains a critical national asset.
Speaking during a company-wide town hall meeting at the NNPC Towers in Abuja, Group Chief Executive Officer (GCEO), Bashir Bayo Ojulari, made it clear that the company is committed to completing a high-grade rehabilitation of the refinery rather than offloading it.
“The earlier decision to operate the Port Harcourt refinery before full rehabilitation was ill-informed and sub-commercial,” Ojulari explained.
Ojulari acknowledged the public speculation that followed his recent remarks at the 2025 OPEC Seminar in Vienna, where he had stated that “all options are on the table.” This led to media misinterpretations. However, the GCEO clarified that the current position is the result of ongoing technical and financial reviews of all three refineries — Port Harcourt, Kaduna, and Warri.
He emphasized that selling the plant at this stage would amount to value erosion. Instead, the company is looking to strengthen advanced technical partnerships to complete the overhaul.
The announcement, met with applause from hundreds of staff, marks a renewed direction for NNPC Ltd, focusing on performance, transparency, and long-term strategic control of national energy assets.
The town hall also featured updates from the Executive Vice Presidents across various business arms, and served as a candid platform to review progress, acknowledge setbacks, and chart a sustainable path forward.
Ojulari concluded by reaffirming NNPC’s vision:
“We remain a commercially-driven, professionally-managed national energy company, grounded in transparency and performance—and unwavering in our responsibility to Nigerians.”
