- Ojulari stressed that ongoing reviews of Nigeria’s refineries showed earlier plans to run Port Harcourt before completion were faulty.
- The NNPC chief dismissed fears that the Port Harcourt refinery would be privatised, calling the move commercially unwise.
The Nigerian National Petroleum Company Limited (NNPCL) has ruled out the sale of the Port Harcourt Refining Company.
The Group Chief Executive Officer of NNPC Ltd, Bayo Ojulari, made this known during a town hall meeting with staff at the NNPC Towers, Abuja.
Ojulari said the company is committed to completing the rehabilitation of the plant and retaining its ownership.
In a statement on Wednesday, the management said that “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.”
He described selling the facility as “ill-advised and sub-commercial.”
Ojulari’s clarification followed concerns raised after his comments at the 2025 OPEC Seminar in Vienna, where he had said “all options are on the table” regarding the future of Nigeria’s refineries.
The statement, however, triggered speculation that the refinery could be sold.
He explained that the company’s new stance is guided by ongoing technical and financial reviews of the Port Harcourt, Kaduna and Warri refineries.
“The ongoing review indicates that the earlier decision to operate the Port Harcourt refinery, before full completion of its rehabilitation, was ill-informed and sub-commercial,” the statement read.
“Although progress is being made on all three, the emerging outlook calls for more advanced technical partnerships to complete and high-grade the rehabilitation of the Port Harcourt refinery.
“Thus, selling is highly unlikely as it would lead to further value erosion,” it added.
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