NNPCL Makes U-Turn, Confirms Port Harcourt Refinery Not for Sale, Opts for Rehabilitation

The Nigerian National Petroleum Company Limited (NNPCL) has officially confirmed that the Port Harcourt Refining Company will not be sold, reversing earlier speculations and reaffirming its commitment to rehabilitating the facility.

Speaking during a company-wide town hall meeting held at the NNPC Towers in Abuja, the Group Chief Executive Officer of NNPCL, Bayo Ojulari, announced that the national oil company had ruled out any plans to sell the refinery. The announcement brings clarity to weeks of uncertainty regarding the fate of Nigeria’s most prominent state-owned refining asset.

A statement released by the company explained that the decision to retain ownership is based on ongoing assessments that revealed earlier plans to operate the refinery before completing its full rehabilitation were “ill-informed and subcommercial.”

NNPCL noted that while there has been notable progress on all three of its refineries, the Port Harcourt refinery requires more advanced technical partnerships to complete the high-grade rehabilitation process. The company stressed that a sale would not only delay its recovery efforts but could also result in significant value erosion.

“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,” the statement read.