NNPC says the Port Harcourt refinery will not be sold, reaffirming commitment to its rehabilitation and national energy security.
The Nigerian National Petroleum Company Limited (NNPC) has officially ruled out the sale of the Port Harcourt Refining Company, citing ongoing technical and financial reviews.
At a town hall meeting in Abuja, Group Chief Executive Officer Bayo Ojulari stated, “The earlier decision to operate the refinery prior to full completion of its rehabilitation was ill-informed and sub-commercial.”
Ojulari clarified that the position was not a reversal but a reflection of updated assessments of the Port Harcourt, Kaduna, and Warri refineries.
“The ongoing review calls for advanced technical partnerships—not a sale—as doing so would lead to further value erosion,” NNPC said.
This announcement follows previous hints at possible divestment. In July, Ojulari told Bloomberg that “all options were on the table,” including a potential sale.
However, NNPC now reaffirms its role as custodian of national energy assets, aligned with the federal government’s energy security goals.
Repairs on the 210,000 bpd-capacity refinery began in 2021 but operations were halted again in May 2025.