July 31, 2025
The Nigerian National Petroleum Company Limited (NNPC) Ltd has officially debunked the report that Port Harcourt Refining Company was for sale, reaffirmed its commitment to complete a high-graded rehabilitation.
This was announced by the Group Chief Executive Officer, GCEO, Bayo Ojulari, at a company-wide town hall meeting on Tuesday at the NNPC Towers, in Abuja, stating that the position is not a shift but informed by ongoing detailed technical and financial reviews of both Port Harcourt, Kaduna and Warri refineries.
Ojulari, said the ongoing review is an indication that the earlier decision to operate the Port Harcourt refinery while still under rehabilitation was ill-advised.
While progress is being made on all three refineries, the emerging outlook calls for more advanced technical partnerships to complete and high-grade the rehabilitation of the Port Harcourt refinery and selling it, is highly unlikely.
READ MORE; Senate Committee Gives NNPCL 3 Weeks to Address N210 Trillion in Audit Discrepancies.
The announcement is coming at the back drop of widespread speculation following his remarks at the 2025 OPEC Seminar in Vienna, Austria earlier this month.
The NNPCL GCEO, had during an interview with Bloomberg said “all options are on the table.” The comment sparked speculation and headlines about the future of the nation’s refining assets.
The declaration was received with applause from hundreds of staff attendees, who described the position as a renewed sense of business-focused direction across the organization.
The town hall was more than a performance update rather it was an opportunity for candid and constructive engagement.
READ MORE; NNPCL Reduces Fuel Price To N890 Per Litre.
Progress reports were presented from the Upstream, Downstream, Finance, Business Services, Gas, Power, and New Energy businesses, highlighting operational achievements, ongoing reforms, and areas requiring attention.
The announcement reinforces NNPC’s mandate as a strategic custodian of national energy infrastructure and reflects a firm resolve to deliver on the complete rehabilitation and long-term viability of Nigeria’s refineries. It also signals continuity in the Federal Government’s broader energy security objectives and a commitment to retaining critical assets under national control.
Ojulari, emphasized that NNPC Ltd will continue to reposition itself as a commercially driven, professionally managed national energy company, grounded in transparency, focused on performance, and unwavering in its responsibility to Nigerians.
