The Nigerian National Petroleum Company Limited (NNPC Ltd) has ruled out the sale of the Port Harcourt Refining Company, reaffirming its commitment to the full rehabilitation and retention of the state-owned facility.
The Group Chief Executive Officer of NNPC Ltd, Bayo Ojulari, made the clarification during a company-wide town hall meeting held at the NNPC Towers in Abuja, ending weeks of speculation over the refinery’s future.
A statement issued by the company on Wednesday quoted Ojulari as saying that selling the Port Harcourt refinery would be “ill-advised and sub-commercial”.
His remarks follow recent concerns sparked by comments he made at the 2025 OPEC Seminar in Vienna, where he had said “all options are on the table” regarding the fate of Nigeria’s refineries. That statement had led to widespread speculation about a possible sale.
Ojulari explained that NNPC’s renewed position is not a change in direction but is based on ongoing detailed technical and financial assessments of the Port Harcourt, Kaduna, and Warri refineries.
“The ongoing review indicates that the earlier decision to operate the Port Harcourt refinery before the full completion of its rehabilitation was ill-informed and sub-commercial,” the statement read.
“Although progress is being made on all three refineries, 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.”
NNPC Ltd is currently overseeing phased rehabilitation efforts at its three major refineries, with the Port Harcourt facility seen as a key component of Nigeria’s drive toward self-sufficiency in petroleum refining.
