The Nigerian National Petroleum Company Limited, NNPCL, has officially dispelled speculations surrounding the sale of the Port Harcourt Refining Company, declaring its intention to complete ongoing rehabilitation and retain ownership of the strategic asset.
This affirmation came from the Group Chief Executive Officer of NNPC Ltd, Bashir Bayo Ojulari, during a town hall meeting with company staff at the NNPC Towers in Abuja on Tuesday, July 29, 2025.
Ojulari, addressing concerns 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—clarified that the company is not planning to divest from the Port Harcourt refinery.
A company statement issued on Wednesday reiterated, “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.”
The CEO described any potential sale of the refinery as “ill-advised and sub-commercial.”
The announcement follows public concern triggered by the Vienna comments, which had led to assumptions that privatization was being considered. However, Ojulari insisted that the latest position is not a reversal, but rather the outcome of rigorous ongoing assessments.
“The ongoing review indicates that the earlier decision to operate the Port Harcourt refinery, before full completion of its rehabilitation, was ill-informed and sub-commercial,” the statement read.
It continued, “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.”
The NNPC Ltd continues to oversee the simultaneous rehabilitation of the Port Harcourt, Kaduna, and Warri refineries.
