Oil and Gas
BREAKING: NNPC Rules Out Sale of Port Harcourt Refinery, Confirms Full Rehabilitation
The Nigerian National Petroleum Company Limited (NNPC Ltd) has officially ruled out the sale of the Port Harcourt Refining Company, ending weeks of speculation surrounding the future of Nigeria’s leading state-owned refinery.
The clarification was made by the Group Chief Executive Officer, Bayo Ojulari, during a company-wide town hall meeting held at the NNPC Towers in Abuja. The statement, issued by company management on Wednesday, reaffirmed NNPC’s commitment to high-grade rehabilitation and full retention of the facility.
“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 company stated.
Ojulari emphasized that selling the Port Harcourt refinery would be “ill-advised and sub-commercial.”
His remarks follow rising public concern after his earlier statement at the 2025 OPEC Seminar in Vienna, where he mentioned that “all options are on the table” regarding Nigeria’s refineries. That comment sparked widespread speculation that a potential sale could be underway.
However, Ojulari clarified that the latest position is not a reversal but a result of 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 before full completion of its rehabilitation was ill-informed and sub-commercial,” the statement noted.
The company further explained that while progress is being made on all three refinery projects, the outlook now calls for more advanced technical partnerships to complete and upgrade the Port Harcourt facility.
“Thus, selling is highly unlikely as it would lead to further value erosion,” the statement added.
The Port Harcourt Refining Company has long been viewed as a critical asset in Nigeria’s energy sector. This reaffirmation by NNPC Ltd reinforces its strategy to restore local refining capacity and reduce dependence on fuel imports.
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