From Adanna Nnamani
The Nigerian National Petroleum Company Limited (NNPC) Ltd has officially ruled out any plans to sell off the Port Harcourt Refining Company, reaffirming its commitment to completing high-grade rehabilitation and retention of the plant.
According to a statement issued by NNPC’s Group Chief Executive Officer (GCEO) of NNPC Limited, Bashir Ojulari, who spoke at a town hall meeting on Wednesday, the position is not a shift; rather, it is informed by ongoing detailed technical and financial reviews of the Port Harcourt, Kaduna and Warri refineries.
Ojularisa said that 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.
He further explained that despite progress made so far 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.
The NNPC boss noted that selling the plant 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.
“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.
“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,” the NNPC added.
Ojulari further reiterated commitment to reposition the NNPC to a commercially driven, professionally managed national energy company, grounded in transparency, performance, and unwavering in its responsibility to Nigerians.
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