The Nigerian National Petroleum Company Limited (NNPCL) has clarified that it will not sell the Port Harcourt Refining Company, emphasizing its dedication to completing the refinery’s comprehensive rehabilitation and retaining ownership of the asset.
The Group Chief Executive Officer (GCEO) of NNPCL, Bashir Ojulari, made this known on Tuesday during a town hall meeting at the NNPCL Towers in Abuja.
He explained that this stance is not a policy shift but is based on ongoing detailed technical and financial assessments of the Port Harcourt, Kaduna, and Warri refineries. According to him, the current review shows that the earlier plan to operate the Port Harcourt refinery before fully completing its rehabilitation was “ill-informed and sub-commercial.”
Ojulari added that while work continues across all three refineries, the updated outlook highlights the need for advanced technical partnerships to complete and enhance the rehabilitation process. Selling the plant, he noted, would likely result in “further value erosion.”
This statement follows recent speculations triggered by Ojulari’s remark during the 2025 OPEC Seminar in Vienna, where he told Bloomberg that “all options are on the table,” sparking headlines about the future of Nigeria’s refining assets.
During the town hall session, executive vice presidents from the Upstream, Downstream, Finance, Business Services, Gas, Power, and New Energy divisions presented progress reports, showcasing operational milestones, ongoing reforms, and key focus areas.
The NNPCL stressed that its announcement aligns with its role as the strategic custodian of Nigeria’s energy infrastructure, reinforcing its commitment to fully rehabilitate the nation’s refineries and secure their long-term viability.
The company also reaffirmed that this approach supports the Federal Government’s broader energy security goals while ensuring that critical assets remain under national ownership.
“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.