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July 30, (THEWILL) — The Nigerian National Petroleum Company (NNPC) Limited has ruled out the sale of the Port Harcourt Refining Company, reaffirming its commitment to the facility’s ongoing rehabilitation and long-term retention.
Group Chief Executive Officer of NNPC Ltd., Engr. Bashir Bayo Ojulari, made this known during a company-wide town hall meeting held on Tuesday at the NNPC Towers in Abuja. He described the proposed sale of the refinery as “ill-advised and sub-commercial.”
Ojulari’s comments come just weeks after he hinted at the possibility of divesting NNPC’s interests in its three state-owned refineries; Port Harcourt, Warri, and Kaduna, while speaking on the sidelines of the 9th OPEC International Seminar in Vienna, Austria.
At the time, he acknowledged that despite an estimated $18 billion invested in the rehabilitation of the plants, the expected outcomes had not materialised, describing the overhaul process as more complex than originally anticipated.
However, in a statement issued by the company on Wednesday, Ojulari clarified that the Port Harcourt refinery would not be sold, citing the potential for significant value loss.
The statement read: “The Nigerian National Petroleum Company Limited has officially ruled out the sale of the Port Harcourt Refining Company.
“We remain fully committed to completing the high-grade rehabilitation and retaining ownership of the plant.”
Ojulari further explained that an earlier decision to operate the refinery before completing its full rehabilitation had proven to be “ill-informed and sub-commercial.”
He noted that while rehabilitation efforts are progressing at all three refineries, the technical complexity of the Port Harcourt facility calls for more advanced strategic partnerships to ensure a successful upgrade.
He said, “Although progress is being made across the board, the emerging outlook calls for more sophisticated technical collaborations to complete and optimise the rehabilitation of the Port Harcourt refinery.
“Selling the asset at this stage is highly unlikely, as it would lead to further erosion of value.”
NNPC’s reaffirmation of its commitment comes amid growing public interest in the status of the nation’s refineries and broader energy sector reforms.
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