The Nigerian National Petroleum Company Limited (NNPCL) has officially ruled out the decision on the sale of the Port Harcourt Refining Company.

Naijaonpoint reports that the Group Chief Executive Officer of NNPC Ltd, Bayo Ojulari, announced the decision regarding the future of the nation’s most significant state-owned refining asset during a company-wide town hall meeting held at the NNPC Towers in Abuja, putting an end to weeks of speculation.

A statement by NNPCL disclosed that it is committed to conducting an extensive rehabilitation of the facility and ensuring its continued operation.

The statement reads, “The Nigerian National Petroleum Company Limited has officially ruled out the sale of the Port Harcourt Refining Company, reaffirming its commitment to completing high-grade rehabilitation and retention of the plant.

“The ongoing review indicates that the earlier decision to operate the Port Harcourt refinery, before full completion of its rehabilitation, was ill-informed and subcommercial.

”Although progress is being made on all three, the emerging outlook calls for more advanced technical partnerships to complete and high-grade the rehabilitation of the Port Harcourt refinery.

”Thus, selling is highly unlikely as it would lead to further value erosion.”