The Nigerian National Petroleum Company Limited (NNPC Ltd) has formally dominated out the sale of the Port Harcourt Refining Company (PHRC), placing an finish to rising hypothesis surrounding the way forward for the nation’s most outstanding state-owned refinery.
Group Chief Executive Officer of NNPC Ltd, Mr. Bayo Ojulari, made the announcement throughout a company-wide city corridor assembly held on the NNPC Towers in Abuja on Wednesday. The reaffirmation follows public unease over his latest remarks on the 2025 OPEC Seminar in Vienna, the place he advised that “all options are on the table” regarding Nigeria’s refineries—feedback that sparked widespread hypothesis a few potential divestment.
In a proper assertion launched after the assembly, NNPC Ltd emphasised its unwavering dedication to the high-grade rehabilitation of the Port Harcourt refinery and maintained that divesting from the asset can be counterproductive.
“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 assertion learn.
Ojulari clarified that this place shouldn’t be a reversal of coverage, however relatively the results of in-depth technical and {financial} assessments of Nigeria’s three main refineries—Port Harcourt, Kaduna, and Warri.
He additional described the concept of promoting PHRC as “ill-advised and sub-commercial,” noting that such a transfer would undermine the numerous progress already achieved in ongoing rehabilitation efforts.
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“The ongoing review indicates that the earlier decision to operate the Port Harcourt refinery, before full completion of its rehabilitation, was ill-informed and sub-commercial,” Ojulari defined.
While acknowledging that progress is ongoing throughout all three refineries, Ojulari careworn the necessity for superior technical partnerships to make sure profitable rehabilitation of the Port Harcourt plant.
“Thus, selling is highly unlikely as it would lead to further value erosion,” the assertion added.
The Port Harcourt Refining Company stays a strategic nationwide asset, and the NNPC Ltd’s renewed dedication to its rehabilitation is predicted to strengthen Nigeria’s refining capability and power safety agenda.
