NNPC Dismisses Rumors of Port Harcourt Refinery Sale, Reaffirms Commitment to Rehabilitation
NNPC says it won’t sell the Port Harcourt refinery, focusing instead on full rehabilitation.
CEO Ojulari insists divestment would harm national interest and weaken energy infrastructure goals.
The Nigerian National Petroleum Company Limited (NNPC Ltd) has dismissed claims that it is planning to sell the Port Harcourt Refining Company, stating that the refinery will not be put up for sale. Instead, the company says it remains focused on completing ongoing upgrades and retaining full ownership of the facility.
This clarification came from the Group Chief Executive Officer, Bayo Ojulari, during a town hall meeting at NNPC’s headquarters in Abuja. His comments follow recent public speculation over the fate of the state-run refinery, which has long been central to Nigeria’s energy infrastructure.
In a statement released on Wednesday, the company emphasized its position: “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.”
Ojulari described any move to sell the facility as “ill-advised and sub-commercial,” arguing that such a decision would be economically and strategically unwise.
Concerns had grown after Ojulari’s earlier comments at the 2025 OPEC Seminar in Vienna, where he said “all options are on the table” regarding Nigeria’s refineries. That remark had been widely interpreted as a signal that a sale might be considered.
Clarifying his position, Ojulari said the current stance was shaped by detailed technical and financial assessments of the country’s three key refineries: Port Harcourt, Warri, and Kaduna.
According to the statement, the decision to run the Port Harcourt refinery before completing its rehabilitation was found to be suboptimal. “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 added that while work continues across the three refineries, the company is leaning toward forming advanced technical partnerships rather than pursuing asset sales. “Selling is highly unlikely as it would lead to further value erosion,” it stated.
