NNPC rules out sale of Port Harcourt Refinery, commits to high-grade rehabilitation

…Says full retention of national refining assets remains a strategic imperative

The Nigerian National Petroleum Company Limited (NNPC Ltd) has categorically ruled out the sale of the Port Harcourt Refining Company, reaffirming its commitment to completing a comprehensive and high-grade rehabilitation of the facility. The company also reiterated its stance to retain all national refineries as critical strategic assets.

Group Chief Executive Officer (GCEO) of NNPC Ltd, Mr. Bashir Bayo Ojulari, made this known during a company-wide town hall meeting held Tuesday at the NNPC Towers in Abuja.

Addressing hundreds of employees from across the corporation’s subsidiaries and business units, Ojulari clarified that the decision not to divest from the Port Harcourt refinery is not a reversal, but rather a result of ongoing in-depth technical and financial reviews of the country’s three major refineries—Port Harcourt, Kaduna, and Warri.

According to the NNPC chief, recent findings from the review process indicated that earlier plans to restart operations at the Port Harcourt plant before completing its full rehabilitation were both technically flawed and commercially unviable.

“Progress is being made on all three refineries, but the emerging outlook shows that we need deeper and more advanced technical partnerships to complete the work in Port Harcourt,” Ojulari said. “Selling the asset at this stage would only result in further value erosion and is, therefore, not being considered.”

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His remarks appeared to put to rest growing speculation about possible divestment, which had been triggered by comments he made during an interview at the 2025 OPEC Seminar in Vienna, Austria.

During that interview with Bloomberg, Ojulari stated that “all options are on the table,” a remark that fuelled media speculation about potential sales of the refineries.

The definitive announcement was met with widespread applause from employees present at the Abuja meeting, many of whom described the clarification as a welcome affirmation of NNPC’s long-term vision and responsibility as a national energy steward.

More than just a routine update, the town hall served as a robust platform for frank discussions about NNPC’s performance, transformation agenda, and operational outlook.

Executive Vice Presidents from the Upstream, Downstream, Finance, Business Services, Gas, Power, and New Energy divisions presented status reports, highlighting operational milestones, ongoing reforms, and outstanding challenges.

In a tone marked by transparency and accountability, Ojulari acknowledged past missteps and outlined a clear roadmap to reposition NNPC Ltd as a commercially oriented, professionally managed entity. He reaffirmed the corporation’s commitment to performance-driven transformation and national service.

“This town hall is part of our effort to re-energize our workforce and align our strategy. NNPC remains a strategic custodian of Nigeria’s energy infrastructure. Our focus is to fully rehabilitate and retain critical refining assets that are vital to our energy security and economic sovereignty,” he stated.

Feedback from the session indicated strong staff alignment with the leadership’s renewed direction, with many describing the engagement as “reassuring,” “visionary,” and “business-minded.”

The announcement not only underscores NNPC Ltd’s commitment to restoring Nigeria’s domestic refining capacity but also signals continuity in the Federal Government’s broader energy security agenda.

Ojulari concluded by emphasizing that NNPC Ltd will continue to evolve into a transparent, performance-focused, and nationally responsive energy company, fully grounded in its responsibility to Nigerians.