The Nigerian National Petroleum Company Limited (NNPCL) has officially announced that it will not sell the Port Harcourt Refining Company, instead focusing on completing a high-grade rehabilitation and retaining the plant. This decision was made during a company-wide town hall meeting at NNPC Towers in Abuja, where Group CEO Bayo Ojulari addressed employees and put an end to weeks of speculation about the refinery's future ¹ ².
Key Points
- *Commitment to Rehabilitation*: NNPCL emphasized its commitment to completing the rehabilitation of the Port Harcourt refinery, ensuring its long-term viability.
- *Advanced Technical Partnerships*: The company plans to seek advanced technical partnerships to enhance and finalize the refinery's overhaul.
- *No Sale*: Selling the refinery is not an option, as it would result in significant value loss.
Background
The decision comes after widespread speculation following Ojulari's remarks at the 2025 OPEC Seminar in Vienna, where he mentioned that "all options are on the table" regarding the refinery's future. However, NNPCL has now clarified that selling the refinery is "highly unlikely" due to the potential for further value erosion ¹ ³.
Implications
This announcement reinforces NNPCL'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. The decision also signals continuity in the Federal Government's broader energy security objectives and a commitment to retaining critical assets under national control ³.
