The Nigerian National Petroleum Company Limited (NNPCL) has ruled out the possibility of selling the Port Harcourt Refining Company, raising hope of high-grade rehabilitation and retention of the plant.
The state-owned oil company made this known in a statement on Wednesday, July 30.
According to the statement, the NNPCL Group Chief Executive Officer (GCEO), Bayo Ojulari, dismissed the earlier plan to sell the refinery alongside other refineries at a town hall meeting held on Tuesday, July 29, at the NNPC Towers, Abuja.
According to Ojulari, the change of plan was not a shift but was informed by ongoing detailed technical and financial reviews of the Port Harcourt, Kaduna and Warri refineries.
“The ongoing review indicates that the earlier decision to operate the Port Harcourt refinery prior to full completion of its rehabilitation was ill-informed and sub-commercial.
“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,” he said.
The slight change of position comes following Ojulari’s earlier remarks at the 2025 Organisation of Petroleum Exporting Countries (OPEC) Seminar in Vienna, Austria earlier this month.
The NNPCL GCEO, in an interview with Bloomberg, had remarked on the possible sale of the refineries, hinting that “all options are on the table.”
His comment then sparked reactions following that the refineries have allegedly gulped about $18 billion in turnaround maintenance with noticeable operational failures, The ICIR reported.
Ojulari noted that his comment sparked speculation and headlines about the future of the nation’s refining assets.
“The declaration was received with applause from hundreds of staff attendees, who described the position as a renewed sense of business-focused direction across the organisation.
“The town hall served as more than a performance update—it was an opportunity for candid and constructive engagement. The Executive Vice Presidents presented progress reports from the Upstream, Downstream, Finance, Business Services, Gas, Power, and New Energy businesses, highlighting operational achievements, ongoing reforms, and areas requiring attention,” he said.
Reversing himself, the NNPCL boss said the challenges and earlier missteps were acknowledged, and a clear roadmap was outlined for the journey ahead.
(ICIR)
