NNPC Dismisses Report of Port Harcourt Refinery Sale, Commits to High-Grade Rehabilitation

The Nigerian National Petroleum Company Limited (NNPC Ltd) officially ruled out selling Port Harcourt Refining Company, ending weeks of speculation of a potential sale and reaffirming its commitment to complete a high-grade rehabilitation of the facility.

The action shows a resounding strategic shift towards retaining state-owned energy assets amid Nigeria’s push towards indigenous refining capacity.

On Wednesday, a company statement reaffirmed that selling is highly unlikely as it would lead to further value erosion.

Instead, NNPC will now concentrate on the onboarding of highly advanced technical partners to finish the rehabilitating process and bring the refinery in alignment with world operational standards.

Addressing a company-wide town hall meeting at the NNPC Towers in the capital city of Abuja, Group Chief Executive Officer Bayo Ojulari has described any potential sale of the refinery as “ill-advised and sub-commercial.”

He clarified that recent public concerns were based on a misinterpretation of his earlier comments at the 2025 OPEC Seminar in Vienna, where he stated that “all options are on the table.”

Ojulari clarified that NNPC’s position now is not a u-turn but is a result of a deep technical and financial evaluation of the Port Harcourt, Kaduna, and Warri refineries. According to him, the previous decision to operate the Port Harcourt refinery before it could be rehabilitated was ill-advised and economically incorrect.

The Port Harcourt Refinery, a cornerstone of Nigerian refining ambitions, has seen years of inactivity and sub-capacity operation. However, NNPC’s new direction is among its overarching strategic aims to raise domestic petroleum refining to reduce import dependence.