The Nigerian National Petroleum Company Limited (NNPC Ltd) has officially ruled out any plans to sell the Port Harcourt Refining Company, reaffirming its commitment to the full rehabilitation and continued operation of the critical national asset.
This development was announced by the Group Chief Executive Officer of NNPC Ltd, Mr. Bayo Ojulari, during a company-wide town hall meeting held at the NNPC Towers in Abuja. The announcement puts to rest weeks of speculation surrounding the future of the facility, one of Nigeria’s most strategic state-owned refineries.
In a statement released following the meeting, NNPC Ltd said:
“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 company acknowledged that its earlier decision to begin operations at the refinery before the full completion of its rehabilitation was premature and commercially unviable.
“The ongoing review indicates that the earlier decision to operate the Port Harcourt refinery, before full completion of its rehabilitation, was ill-informed and subcommercial,” the statement read.
NNPC also revealed that, while progress is ongoing at the three major refineries—Port Harcourt, Warri, and Kaduna—emerging assessments show the need for more advanced technical partnerships to fully deliver on the rehabilitation targets, especially for the Port Harcourt facility.
“Selling is highly unlikely as it would lead to further value erosion,” the company emphasized, further solidifying its stance against privatization of the refinery.
The Port Harcourt Refining Company remains a vital component of Nigeria’s downstream oil infrastructure. Its full rehabilitation is expected to play a key role in reducing the nation’s dependence on imported refined petroleum products and improving domestic energy security.
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