By NIyi JACOBS
The Nigerian National Petroleum Company Limited (NNPCL) has announced that it will not sell the Port Harcourt Refining Company, quashing weeks of speculation about the refinery’s future.
Speaking during a company-wide town hall meeting at the NNPC Towers in Abuja, Group Chief Executive Officer Bayo Ojulari disclosed that the state oil firm is committed to the complete rehabilitation and continued operation of the refinery—Nigeria’s most prominent state-owned refining asset.
Ojulari noted that a strategic review of the plant’s operations concluded that earlier proposals to restart production before full rehabilitation were both “ill-informed and sub-commercial.” Instead, he said, the company would pursue a more technically sound approach to revamping the facility.
A statement from NNPCL 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.”
The statement further revealed that although progress has been made in the ongoing refurbishment of all three major refineries—Port Harcourt, Warri, and Kaduna—the Port Harcourt facility requires more advanced technical partnerships to meet the desired standard.
“Selling is highly unlikely as it would lead to further value erosion,” the statement concluded, emphasizing that the national oil company remains focused on long-term value creation through refinery rehabilitation, not divestment.
This latest development signals a strategic shift by the NNPCL toward refinery modernization and capacity restoration in line with Nigeria’s energy security and self-sufficiency objectives.
