Abuja, Nigeria – The Nigerian National Petroleum Company Limited (NNPC) has officially dismissed speculation about selling the Port Harcourt Refining Company, declaring its commitment to completing comprehensive rehabilitation works on the facility.
NNPC Group Chief Executive Officer, Bayo Ojulari, made the clarification during a company-wide town hall meeting in Abuja on Wednesday, addressing concerns raised by his recent comments at the 2025 OPEC Seminar in Vienna where he stated “all options are on the table” regarding Nigeria’s refineries.
“After detailed technical and financial reviews, selling the Port Harcourt refinery would be ill-advised and commercially detrimental,” Ojulari stated. “Our focus remains on securing advanced technical partnerships to complete its rehabilitation at the highest standard.”
The announcement follows NNPC’s acknowledgment that its earlier decision to operate the refinery before full rehabilitation was “ill-informed.” While progress continues on the Port Harcourt, Warri and Kaduna refineries, the corporation emphasized that retaining national ownership aligns with Nigeria’s energy security objectives.
Executive Vice Presidents presented progress reports across upstream, downstream, gas and renewable energy sectors during the meeting, which employees described as “reassuring” and “transformational.” Staff applauded the decision as reinforcing NNPC’s strategic role in safeguarding critical national assets.
Ojulari reaffirmed NNPC’s transformation into a commercially-driven, professionally managed national energy company, stating: “Our responsibility to Nigerians remains unwavering – we will deliver viable refineries under national control.”
The clarification comes as Nigeria intensifies efforts to achieve domestic refining capacity, with the Dangote Refinery already operational and NNPC’s rehabilitation projects nearing completion. Industry analysts suggest retaining the Port Harcourt facility allows Nigeria to maintain strategic control over its downstream petroleum sector while pursuing operational efficiency through partnerships.
NNPC plans to provide quarterly updates on refinery rehabilitation progress as part of its transparency commitments under the Petroleum Industry Act. The corporation maintains that functional local refineries remain central to ending fuel imports and stabilizing Nigeria’s energy economy.
