NNPC affirms Port Harcourt Refinery not for sale
By Jeffrey Agbo
The Nigerian National Petroleum Company Limited (NNPC Ltd) has officially dismissed reports suggesting plans to sell the Port Harcourt Refining Company, reiterating its commitment to completing the facility’s rehabilitation and retaining ownership.
Group Chief Executive Officer of NNPC Ltd, Bayo Ojulari, made this known during a company-wide town hall meeting held at the NNPC Towers in Abuja, putting to rest weeks of speculation over the future of Nigeria’s most notable state-owned refinery.
In a statement issued by the company on Wednesday, the NNPC clarified, “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.”
Ojulari described any move to sell the Port Harcourt refinery as “ill-advised and sub-commercial.”
His reaffirmation follows concerns triggered by his previous remarks at the 2025 OPEC Seminar in Vienna, where he said “all options are on the table” regarding the future of Nigeria’s refineries—prompting speculation that a sale could be imminent.
He, however, clarified that the company’s position had not changed but was informed by extensive technical and financial evaluations of the country’s three major refineries—Port Harcourt, Kaduna, and Warri.
According to the statement, “The ongoing review indicates that the earlier decision to operate the Port Harcourt refinery, before full completion of its rehabilitation, was ill-informed and subcommercial.
“Although progress is being made on all three, the emerging outlook calls for more advanced technical partnerships to complete and high-grade the rehabilitation of the Port Harcourt refinery.
“Thus, selling is highly unlikely as it would lead to further value erosion.”
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