BREAKING: NNPC Rules Out Sale Of Port Harcourt Refinery, Insists On Fresh Rehabilitation Despite Past Failures

Nigeria’s state-owned oil company, the Nigerian National Petroleum Company Limited (NNPC Ltd), has shut down speculations about a possible sale of the Port Harcourt Refining Company.

In a press statement posted on Wednesday across its official social media platforms, NNPC Ltd said the facility is not for sale and it is committed to the completion of high-grade rehabilitation and retention of the plant.

The Group Chief Executive Officer, Bashir Bayo Ojulari, made the announcement during a town hall meeting held on Tuesday at the NNPC Towers, Abuja, where he addressed hundreds of staff and provided clarity on recent media speculations.

According to the release, “the ongoing review indicates that the earlier decision to operate the Port Harcourt refinery prior to full completion of its rehabilitation was ill-informed and sub-commercial.”

NNPC’s clarification follows comments made by Ojulari during the 2025 OPEC Seminar in Vienna, Austria, where he told Bloomberg that all options are on the table.

The remark sparked a flurry of speculation and media reports suggesting the company might be preparing to offload one of the country’s key refining assets.

But the new statement described such an interpretation as misplaced, insisting that selling is highly unlikely as it would lead to further value erosion.

It added that the company is pursuing “more advanced technical partnerships to complete and high-grade the rehabilitation.”

The statement reads: “The Group Chief Executive Officer (GCEO) of NNPC Limited, Bashir Bayo Ojulari, announced this at a company-wide town hall meeting on Tuesday at the NNPC Towers, Abuja. He stated that the position isn’t a shift. Rather, it is 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 prior to full completion of its rehabilitation was ill-informed and sub-commercial.

“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.

“The announcement comes in the wake of widespread speculation following his remarks at the 2025 OPEC Seminar in Vienna, Austria earlier this month, where he said during an interview with Bloomberg that “all options are on the table.”

The comment sparked speculation and headlines about the future of the nation’s refining assets.

It said, “The declaration was received with applause from hundreds of staff attendees, who described the position as a renewed sense of business-focused direction across the organisation.

“The town hall served as more than a performance update—it was an opportunity for candid and constructive engagement. The Executive Vice Presidents presented progress reports from the Upstream, Downstream, Finance, Business Services, Gas, Power, and New Energy businesses, highlighting operational achievements, ongoing reforms, and areas requiring attention.”

Ojulari acknowledged prior missteps but maintained a tone of confidence and direction, affirming that the company’s current path aligns with national interest.

According to the press release, the announcement reinforces NNPC’s mandate as a strategic custodian of national energy infrastructure.

The statement continued: “In a tone marked by honesty and leadership, challenges and earlier missteps were acknowledged, and a clear roadmap was outlined for the journey ahead.

“The announcement reinforces NNPC’s mandate as a strategic custodian of national energy infrastructure and reflects a firm resolve to deliver on the complete rehabilitation and long-term viability of Nigeria’s refineries. It also signals 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 optimist 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.”

PRESS RELEASE

Nigeria’s Port Harcourt Refinery Not for Sale—NNPC Limited

Abuja, Nigeria, 30 July 2025—The Nigerian National Petroleum Company Limited (NNPC) Ltd has officially ruled out sale of the Port Harcourt Refining Company, reaffirming its commitment to completing… pic.twitter.com/Iv3XnLZuQ2

— NNPC Limited (@nnpclimited) July 30, 2025