Port Harcourt Refinery Not for Sale — NNPCL
The Nigerian National Petroleum Company Limited (NNPCL) has officially ruled out the sale of the Port Harcourt Refining Company, reaffirming its commitment to completing the refinery’s full rehabilitation and retaining ownership.
NNPCL’s Group Chief Executive Officer (GCEO), Bashir Ojulari, made this announcement during a town hall meeting on Tuesday at the NNPCL Towers in Abuja.
Ojulari clarified that this position does not represent a change in policy but is based on ongoing, detailed technical and financial assessments of the Port Harcourt, Kaduna, and Warri refineries.
According to him, the current review suggests that the earlier plan to restart operations at the Port Harcourt refinery before completing its full rehabilitation was “ill-informed and commercially unviable.”
While progress continues across all three refineries, Ojulari emphasized the need for more advanced technical partnerships to complete the rehabilitation and enhance the refinery’s performance. He stressed that a sale is highly unlikely, as it would result in further value erosion.
The announcement follows widespread speculation triggered by Ojulari’s earlier remarks at the 2025 OPEC Seminar in Vienna, Austria. In an interview with Bloomberg, he stated that “all options are on the table,” prompting public concern over the potential sale of the country’s refining assets.
During the town hall, NNPCL’s executive vice presidents presented updates on the company’s Upstream, Downstream, Finance, Business Services, Gas, Power, and New Energy divisions. They highlighted operational milestones, ongoing reforms, and key focus areas requiring attention.
NNPCL stated that the announcement reaffirms its mandate as a strategic custodian of national energy infrastructure and reflects a strong commitment to completing refinery rehabilitation and ensuring long-term viability.
The company also emphasized its alignment with the Federal Government’s broader energy security goals and its dedication to keeping critical assets under national control.
“Feedback during and after the session revealed a workforce energized and aligned with the leadership’s vision. Described as ‘reassuring,’ ‘transformational,’ and ‘sustainable,’ the atmosphere reflected employee optimism and confidence in the company’s strategic direction,” the statement noted.
Ojulari concluded: “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 most important stakeholders: the Nigerian people.”