The Nigerian National Petroleum Company Limited (NNPC Ltd) has dismissed speculation about a possible sale of the Port Harcourt Refining Company, affirming that the refinery will be retained and fully rehabilitated.
This was disclosed by NNPC Group Chief Executive Officer, Bayo Ojulari, during a company-wide town hall meeting held at the NNPC Towers in Abuja on Wednesday.
In an official statement issued by the company, Ojulari described the idea of selling the Port Harcourt Refining Company as “ill-advised and sub-commercial,” stressing that NNPC remains focused on completing the refinery’s rehabilitation and enhancing its long-term operational value.
Ojulari’s remarks follow recent public concerns sparked by his earlier comment at the 2025 OPEC Seminar in Vienna, where he mentioned that “all options are on the table” regarding Nigeria’s refinery assets. That statement fueled speculation about a potential sale of the Port Harcourt refinery.
However, the NNPC clarified on Wednesday that its current position is not a change of direction, but one driven by ongoing technical and financial reviews of the country’s three major refineries in Port Harcourt, Warri, and Kaduna.
“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 sub-commercial,” the statement said.
It also noted that while significant progress has been made on the rehabilitation of the refineries, the company now recognizes the need for more advanced technical partnerships to successfully complete and optimize the process.
“As such, a sale is highly unlikely, as it would lead to further value erosion,” the statement concluded.
