The Nigerian National Petroleum Company Limited (NNPC Ltd) has officially ruled out the sale of the Port Harcourt Refining Company, putting an end to growing speculation about a potential divestment of the country’s flagship state-owned refinery.
Group Chief Executive Officer of NNPC Ltd, Bayo Ojulari, made the clarification during a company-wide town hall meeting held at the NNPC Towers in Abuja. The statement was later reinforced by a formal release from company management on Wednesday.
“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,” the company announced.
Ojulari described any attempt to sell the Port Harcourt refinery as “ill-advised and sub-commercial,” adding that the company’s reassessment is driven by technical and financial realities rather than a change in strategic direction.
His comments follow public concerns sparked by remarks he made at the 2025 OPEC Seminar in Vienna, where he suggested that “all options are on the table” regarding the future of Nigeria’s ailing refineries. That statement ignited widespread speculation that the Port Harcourt facility—one of three major state-owned refineries—might be up for sale.
Clarifying the company’s current stance, Ojulari said the ongoing review of the Port Harcourt, Kaduna, and Warri refineries reveals that earlier plans to resume operations at the Port Harcourt plant before completing its full rehabilitation were not financially or technically sound.
“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 added.
NNPC Ltd said the new focus is on pursuing advanced technical partnerships to support a comprehensive and high-grade rehabilitation of the Port Harcourt refinery. According to the company, selling the refinery at this stage would lead to further value erosion and compromise long-term national energy security.
The Port Harcourt Refining Company, once the pride of Nigeria’s downstream sector, has remained inactive for years despite multiple promises of refurbishment. However, the government has reiterated its resolve to revamp domestic refining capacity and reduce reliance on imported petroleum products.
Ojulari’s reassurances are likely to calm investor and public anxiety as the government continues to navigate complex energy sector reforms amid economic pressures and fuel subsidy removal.