NNPC Reaffirms Commitment to Port Harcourt Refinery Rehabilitation, Rules Out Sale
The Nigerian National Petroleum Company Limited (NNPC) has dismissed speculations about selling the Port Harcourt Refining Company, asserting its commitment to fully rehabilitate and retain the facility. The announcement was made by NNPC Group Chief Executive Officer, Bashir Ojulari, during a town hall meeting with staff. He emphasized that the company is focused on technical and financial reviews of the Port Harcourt, Kaduna, and Warri refineries, stressing that a premature operational restart would be economically unwise.
Ojulari clarified that earlier plans to operate the Port Harcourt refinery before completing rehabilitation were found to be sub-commercial upon further evaluation. He acknowledged the progress achieved so far but stressed the need for stronger technical partnerships to complete and upgrade the project to a globally competitive standard. The NNPC sees full rehabilitation as crucial for long-term viability, ruling out privatization to prevent value erosion.
The GCEO’s statement came after confusion from remarks he made during the 2025 OPEC Seminar in Vienna, where he said “all options are on the table,” sparking rumors about potential sales. This town hall served to dispel those rumors and realign public perception with NNPC’s strategic intentions. The announcement was well received by staff, who viewed it as a reaffirmation of leadership’s long-term commitment to national assets.
Beyond the refinery issue, the town hall highlighted progress and reform reports from various divisions including Upstream, Downstream, Finance, and New Energy. The meeting was positioned as a platform for transparent performance reviews and forward planning. Ojulari emphasized honesty in acknowledging past missteps, while also providing a clear roadmap for future improvements across the NNPC’s business units.
The decision to retain the Port Harcourt refinery under government ownership reinforces Nigeria’s broader energy security goals. It reflects a strategic commitment to maintain control over critical national infrastructure and signals continuity in the Federal Government’s approach to managing state-owned energy assets. Ojulari concluded by underscoring the NNPC’s transformation into a commercially driven, transparent, and nationally responsible energy company.
Source: The sun