The Nigerian National Petroleum Company (NNPC) 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.
This appears to be a different stance from an earlier suggestion by top officials of the state-owned energy giant that non-performing refineries like those in Warri, Port Harcourt and Kaduna may be sold.
This announcement was made by the Group Chief Executive Officer (GCEO) of NNPC Limited, Bashir Bayo Ojulari, at a company-wide town hall meeting on Tuesday, July 29, 2025, at the NNPC Towers, Abuja.
Ojulari stated that the position isn’t a shift, but rather informed by ongoing detailed technical and financial reviews of the Port Harcourt, Kaduna, and Warri refineries.
Ojulari said 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.
More to follow…