The Nigerian National Petroleum Company Limited, has dismissed rumours about the possible sale of the Port Harcourt Refining Company, reaffirming its resolve to complete its rehabilitation and retain the asset under national control.
The Group Chief Executive Officer of NNPC Ltd, Mr. Bashir Bayo Ojulari, made this known during a company-wide town hall meeting held at the NNPC Towers in Abuja.
His comments come amid growing speculation over the future of Nigeria’s major refineries, particularly following his remarks at the 2025 OPEC Seminar in Vienna, where he stated that “all options are on the table.”
In a statement issued by the company’s management on Wednesday, Ojulari described the idea of selling the refinery as “ill-advised and sub-commercial.”
“The Nigerian National Petroleum Company Limited has officially ruled out the sale of the Port Harcourt Refining Company,” the statement read.
“We remain fully committed to completing a high-grade rehabilitation of the facility and retaining it as a national asset.”
The clarification follows weeks of speculation sparked by public interpretations of Ojulari’s earlier remarks, which suggested a potential shift in policy. However, the NNPC boss noted that the company’s stance was never about selling, but rather ensuring the best approach through technical and financial reviews.
He said, “Our latest assessments show that the previous plan to operate the Port Harcourt refinery before completing its full rehabilitation was both technically and commercially flawed.”
Ojulari added that while progress is being made on the rehabilitation of the Port Harcourt, Kaduna, and Warri refineries, the company is now seeking more advanced technical partnerships to ensure long-term success.
“Selling the refinery at this point would only result in further value erosion. That is not in the interest of the company or the country,” he emphasized.
The statement positions the NNPC’s latest move as a reaffirmation of its national energy security agenda, while aiming to boost domestic refining capacity and reduce reliance on imported fuel.