The Nigerian National Petroleum Company Limited (NNPCL) has officially ruled out the sale of the Port Harcourt Refining Company, ending weeks of speculation surrounding the future of Nigeria’s largest state-owned refining asset.
Speaking during a company-wide town hall meeting at the NNPC Towers in Abuja, the Group Chief Executive Officer of NNPC Ltd, Mr Bayo Ojulari, confirmed that the corporation remains fully committed to the comprehensive rehabilitation and continued operation of the Port Harcourt refinery. This decision reflects a renewed focus on restoring the plant to optimal functionality through strategic technical partnerships.
A statement issued by the company 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.”
According to NNPCL, a recent review revealed that the earlier plan to operate the refinery before the full completion of its rehabilitation was commercially unviable and technically flawed. The company noted that while steady progress is being made across all refinery rehabilitation efforts, the Port Harcourt facility now requires a more advanced approach with stronger technical collaboration.
“The emerging outlook calls for more advanced technical partnerships to complete and high-grade the rehabilitation of the Port Harcourt refinery. Selling is highly unlikely, as it would lead to further value erosion,” the statement concluded.
This reaffirmation signals NNPCL’s intent to retain ownership of key national assets while ensuring they are modernized to meet global standards of performance and profitability.