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.
It states, ‘’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.’’
The announcement comes in the wake of widespread speculation following the remarks of Ojulari at the 2025 OPEC Seminar in Vienna, Austria, earlier this month, where he said during an interview with Bloomberg that “all options are on the table.
The comment sparked speculation and headlines about the future of the nation’s refining assets.
According to the statement, the declaration was received with applause from hundreds of staff attendees, who described 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.
NNPC said the announcement reinforces NNPC’s mandate as a strategic custodian of national energy infrastructure and reflects a firm resolve to deliver on the complete rehabilitation and long-term viability of Nigeria’s refineries.
It also signals continuity in the Federal Government’s broader energy security objectives and a commitment to retaining critical assets under national control.
‘’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 optimistic outlook among employees and hopefulness about the company’s evolving strategic direction.
‘’NNPC Ltd will 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,’’ Ojulari concluded.
What you should know
Earlier in July, Ojulari had stated that the sale of the country’s non-performing refineries, including those in Warri, Port Harcourt, and Kaduna, remains a possibility as the company undertakes a full review of its downstream operations.
Ojulari, during an interview with Bloomberg on the sidelines of the 9th OPEC International Seminar in Vienna, said, “We’ve made quite a lot of investments in our refineries over the last several years and brought in a lot of technology. We’ve been challenged – some of those technologies have not worked as expected so far. But also, as you know, when you are refining a very old refinery that has been abandoned for some time, what we found is that they are a little bit more complicated.
“So, we are reviewing all our refinery strategies now. We hope that before the end of the year, we will conclude that review. That review will lead us to doing things slightly differently.
When asked about the possible sale of the old refineries, Ojulari said, “I can’t say that now. But what we are saying is that sale is not out of the question. But all the options are on the table. But that decision will be based on the outcome of the review.”
