The Nigerian National Petroleum Company Limited (NNPCL) has dismissed speculation about the sale of the Port Harcourt Refining Company, reaffirming its commitment to completing the plant’s full rehabilitation and retaining ownership.
The clarification was made by Group Chief Executive Officer (GCEO), Bashir Ojulari, during a town hall meeting held Tuesday at the NNPCL Towers in Abuja.
Ojulari stated that the company’s position is not a reversal of earlier plans, but rather a reflection of insights from ongoing technical and financial reviews of the Port Harcourt, Kaduna, and Warri refineries.
“The review shows that the decision to operate the Port Harcourt refinery before completing its full rehabilitation was sub-commercial and poorly informed,” he said.
He noted that while progress is being made across all three refineries, the evolving outlook calls for advanced technical partnerships to support completion and long-term viability. As such, selling the Port Harcourt plant is not under consideration, as it could result in further value erosion.
The clarification follows widespread speculation triggered by Ojulari’s comments at the 2025 OPEC Seminar in Vienna earlier this month. In an interview with Bloomberg, the GCEO had said that “all options are on the table,” a remark that led to speculation about the potential privatization of Nigeria’s refining assets.
At the town hall, executive vice presidents across NNPCL’s business lines—including Upstream, Downstream, Finance, Business Services, Gas, Power, and New Energy—presented operational updates, highlighted recent achievements, and outlined key challenges and reform efforts.
NNPCL emphasized that its stance underscores its strategic mandate as custodian of national energy infrastructure and reflects a commitment to fully rehabilitating and retaining Nigeria’s refineries.
The company added that the decision aligns with the Federal Government’s broader energy security objectives, ensuring that critical assets remain under national control.
“Feedback from the session showed a workforce aligned with the leadership’s direction. The atmosphere was described as ‘reassuring,’ ‘transformational,’ and ‘sustainable,’ reflecting renewed optimism across the company,” NNPCL noted in a statement.
In his closing remarks, Ojulari reiterated NNPCL’s mission: “NNPC Ltd will continue to reposition itself as a commercially driven, professionally managed national energy company—grounded in transparency, focused on performance, and unwavering in its responsibility to its number one stakeholder: Nigerians.”
