Nigerian National Petroleum Company Limited (NNPC Ltd) has officially ruled out the sale of the Port Harcourt Refining Company, committing instead to its full rehabilitation and long-term retention. This announcement, made by Group CEO Bayo Ojulari during a town hall meeting, ends speculation sparked by his earlier comment at the 2025 OPEC Seminar suggesting “all options” were on the table.
Ojulari clarified that selling the refinery would be “ill-advised and sub-commercial,” and emphasized that the decision stems from detailed technical and financial reviews of the Port Harcourt, Kaduna, and Warri refineries. These reviews also revealed that operating the refinery before completing its rehabilitation would be unwise.
NNPC is now seeking advanced technical partnerships to support the refinery’s upgrade. The announcement aligns with Nigeria’s broader energy security goals and NNPC’s role as a strategic energy infrastructure custodian.
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