The Nigerian National Petroleum Company (NNPC) Limited has quashed speculation that the Port Harcourt Refining Company may be sold. Group CEO, Bashir Bayo Ojulari, made the declaration during a company-wide town hall meeting in Abuja.
He said the decision followed ongoing financial and technical reviews, which showed that operating the refinery before completing full rehabilitation was unviable.
Ojulari emphasised that the NNPC remains committed to completing the facility’s overhaul and retaining it under national ownership.
He dismissed recent comments at the OPEC Seminar suggesting otherwise, clarifying that “all options” did not include a sell-off. Ojulari explained that selling the asset would further erode its value.
The announcement was well received by NNPC staff, who applauded the leadership’s business-minded but patriotic stance. The town hall also featured updates from vice presidents on operations across energy sectors.
NNPC reaffirmed its transformation into a performance-driven, transparent energy firm committed to national interest.
The message to Nigerians: the Port Harcourt refinery is not for sale, and the government is focused on delivering sustainable energy security.
