THE Nigerian National Petroleum Company Limited (NNPCL) 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 Group Chief Executive Officer (GCEO) of NNPC Limited, Bashir Ojulari, announced this during a town hall on Tuesday at the NNPCL Towers, Abuja.
He stated that the position was not a shift, but rather informed by ongoing 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, Ojulari said.
Although progress is being made on all three, he noted that the emerging outlook called for more advanced technical partnerships to complete and high-grade the rehabilitation of the refinery.
Thus, selling is highly unlikely as it would lead to further value erosion.
The announcement came in the wake of widespread speculation following his remarks at the 2025 OPEC Seminar in Vienna, Austria, earlier this month.
Ojulari, during an interview with Bloomberg, said that “all options are on the table”.
The comment sparked speculation and headlines about the future of the nation’s refining assets.
During the town-hall meeting, the executive vice presidents presented progress reports from the Upstream, Downstream, Finance, Business Services, Gas, Power, and New Energy businesses, highlighted operational achievements, ongoing reforms, and areas requiring attention.
The state oil company said the announcement reinforced its mandate as a strategic custodian of national energy infrastructure and reflected a firm resolve to deliver on the complete rehabilitation and long-term viability of Nigeria’s refineries.
It also signalled continuity in the Federal Government’s broader energy security objectives and a commitment to retaining critical assets under national control.
“Feedback during and after the session revealed a workforce energised and aligned with the leadership’s vision. Described as ‘reassuring,’ ‘transformational,’ and ‘sustainable,’ the atmosphere reflected an optimistic outlook among employees and hopefulness about the company’s evolving strategic direction.
“NNPC Ltd will continue to reposition itself as a commercially driven, professionally managed national energy company, grounded in transparency, focused on performance, and unwavering in its responsibility to its number one stakeholder group, Nigerians,” Ojulari concluded.