The Nigerian National Petroleum Company (NNPC) Limited has disclosed that the Port Harcourt Refining Company is not for sale.
The chief executive of the NNPC, Mr Bayo Ojulari, said this during a town hall meeting on Tuesday at the Abuja headquarters of the organisation.
According to him, the facility, which is undergoing rehabilitation, would be completed to produce petroleum products for local and international consumption.
Recall that recently, Mr Ojulari, speaking with Bloomberg at the 2025 OPEC Seminar in Vienna, Austria, said the facility and others could be put up for sale because “all options are on the table.”
At the gathering yesterday, the NNPC chief said his latest remarks are not a shift from his interview with the international news platform but informed by ongoing detailed technical and financial reviews of the Port Harcourt, Kaduna and Warri refineries.
He noted that the ongoing review indicates that the earlier decision to operate the Port Harcourt refinery prior to full completion of its rehabilitation was ill-informed and sub-commercial.
Although 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. Thus, selling is highly unlikely as it would lead to further value erosion.
At yesterday’s event, he stressed that Nigeria would keep the refinery, describing the position as a renewed sense of business-focused direction across the organisation.
The town hall served as more than a performance update—it was an opportunity for candid and constructive engagement. The Executive Vice Presidents presented progress reports from the Upstream, Downstream, Finance, Business Services, Gas, Power, and New Energy businesses, highlighting operational achievements, ongoing reforms, and areas requiring attention.
In a tone marked by honesty and leadership, challenges and earlier missteps were acknowledged, and a clear roadmap was outlined for the journey ahead.
Feedback during and after the session revealed a workforce energised and aligned with the leadership’s vision. Described as “reassuring,” “transformational,” and “sustainable,” the atmosphere reflected an optimist outlook among employees and hopefulness about the company’s evolving strategic direction.
NNPC promised to 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 its number one stakeholder group, Nigerians.