The Nigerian National Petroleum Company Limited (NNPC Ltd) has denied any plans to sell off the Port Harcourt Refining Company, insisting that its focus remains on completing an extensive upgrade and maintaining ownership of the facility.
This clarification was issued by the Group Chief Executive Officer of NNPC Ltd, Bayo Ojulari, during a town hall session held at the company’s headquarters in Abuja. His comments come amid mounting speculation surrounding the future of Nigeria’s most prominent state-owned refinery.
A statement released by the firm on Wednesday reaffirmed its position, stating, “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 pushed back against suggestions that the refinery could be sold, describing such a move as economically unsound and strategically flawed.
He described selling the Port Harcourt Refining Company as “ill-advised and sub-commercial.”
Public concerns had intensified following Ojulari’s remarks at the 2025 OPEC Seminar in Vienna, where he had indicated that “all options are on the table” regarding the nation’s refineries—remarks many interpreted as hinting at a potential divestment.
However, Ojulari clarified that the current decision is not a reversal, but rather the result of in-depth technical and financial evaluations of the Port Harcourt, Warri, and Kaduna refining complexes.
The statement added, “The ongoing review indicates that the earlier decision to operate the Port Harcourt refinery, before full completion of its rehabilitation, was ill-informed and subcommercial.
“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 Port Harcourt refinery, which has been undergoing major rehabilitation, is seen as a central pillar in Nigeria’s efforts to revive domestic refining and reduce dependency on fuel imports. With work ongoing at the nation’s key refineries, the NNPC appears to be prioritizing strategic partnerships over asset sales to complete its long-delayed turnaround program.
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