The Nigerian National Petroleum Company Limited (NNPCL) has formally ruled out the sale of the Port Harcourt Refining Company, reaffirming its commitment to the comprehensive rehabilitation and continued operation of the facility.
This clarification was made by the Group Chief Executive Officer of NNPCL, Bayo Ojulari, during a company-wide town hall meeting held at the NNPC Towers in Abuja, following weeks of speculation about the refinery’s future.
A statement issued by the company noted, “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.”
NNPCL further disclosed that its internal review revealed the earlier decision to operate the refinery before the full completion of its rehabilitation was “ill-informed and subcommercial.”
“Although progress is being made on all three, the emerging outlook calls for more advanced technical partnerships to complete and high-grade the rehabilitation of the Port Harcourt refinery,” the statement added.
The company concluded that selling the asset is “highly unlikely as it would lead to further value erosion.”
The Port Harcourt Refinery remains one of Nigeria’s most strategic state-owned assets, and its rehabilitation is a key part of the government’s plan to revamp domestic refining capacity.
