The Nigerian National Petroleum Company Limited (NNPC Ltd.) has ruled out any plans to sell the Port Harcourt Refining Company, reaffirming its commitment to completing a comprehensive rehabilitation of the plant.
Group Chief Executive Officer, Bayo Ojulari, made the clarification during a company-wide town hall meeting held at the NNPC Towers in Abuja. His statement put an end to growing speculation over the possible divestment of Nigeria’s foremost state-owned refinery.
In an official release issued Wednesday, NNPC stated: “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 the idea of selling the refinery as “ill-advised and sub-commercial,” adding that the company remains focused on long-term value and national energy security.
His remarks come in response to public reactions following his comments at the 2025 OPEC Seminar in Vienna, where he said “all options are on the table” regarding the future of Nigeria’s refineries—a statement that triggered widespread speculation about a possible sale.
Clarifying the company’s position, Ojulari noted that NNPC’s current direction is based on an ongoing technical and financial review of the country’s three major refineries in Port Harcourt, Kaduna, and Warri.
“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.
“While there has been notable progress across all three facilities, the emerging outlook points to the need for more advanced technical partnerships to complete and high-grade the rehabilitation of the Port Harcourt refinery.
Therefore, a sale is highly unlikely, as it would further erode the asset’s value,” it added.
The Port Harcourt refinery is one of Nigeria’s key energy assets, and its full restoration is seen as crucial to reducing the country’s dependence on imported refined petroleum products.