NNPCL finally takes decision on selling Port Harcourt Refinery
The Nigerian National Petroleum Company Limited (NNPCL) has dispelled speculations about plans to sell the Port Harcourt Refining Company, affirming its commitment to completing the facility’s rehabilitation and retaining it as a national asset.
Group Chief Executive Officer of NNPCL, Mr. Bayo Ojulari, made the clarification during a company-wide town hall meeting held Tuesday at the NNPC Towers in Abuja. His remarks were prompted by public reaction to his earlier comment at the 2025 OPEC Seminar in Vienna, Austria, where he stated that “all options were on the table” when asked about the refinery’s future.
In a statement issued by the company on Wednesday, Ojulari emphasized that the decision to retain ownership of the Port Harcourt refinery followed in-depth technical and financial reviews of Nigeria’s three major refineries—Port Harcourt, Kaduna, and Warri.
He noted that the initial move to restart the Port Harcourt facility before completing its full rehabilitation was found to be commercially unsound. He explained that the refinery’s complexity requires advanced technical partnerships to achieve a sustainable upgrade and efficient operations.
Ojulari stressed that selling the asset is no longer being considered, as such a move could result in significant value loss and hinder long-term national energy goals. Instead, the company is focused on delivering a fully rehabilitated and functional refinery system.
The announcement was warmly received by hundreds of staff at the town hall meeting, who applauded the management’s renewed focus on transparency, asset retention, and a business-driven strategy.
The meeting also featured performance updates from Executive Vice Presidents of NNPCL’s strategic business units—Upstream, Downstream, Gas, Power, Finance, Business Services, and New Energy—who highlighted key milestones and outlined future targets.
According to the company, the decision to keep the refinery under national ownership aligns with the Federal Government’s energy security agenda. NNPCL under Ojulari’s leadership is positioning itself to build a resilient, transparent energy platform capable of driving Nigeria’s economic transformation.
