The Nigerian National Petroleum Company (NNPC) Limited has formally declared that it will retain ownership of the Port Harcourt Refining Company, ending speculation about a possible sale.
This was revealed during a town hall meeting on July 29, 2025, at the NNPC Towers in Abuja, where Group Chief Executive Officer, Bashir Bayo Ojulari, addressed company staff.
Ojulari said the decision followed a series of technical and financial reviews that indicated the premature operation of the refinery without completing rehabilitation was not commercially viable.
He explained, “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.”
This reaffirmation contrasts with Ojulari’s earlier remarks at the OPEC Seminar in Vienna, where he suggested that “all options are on the table,” fuelling speculation of an impending divestment.
The declaration was met with applause from staff, many of whom welcomed the clarity and reaffirmation of the company’s strategic direction.
The town hall featured updates from executive vice presidents overseeing upstream, downstream, gas, power, business services, finance, and new energy units. They reported on achievements, ongoing reforms, and challenges.
Ojulari acknowledged past mistakes and underscored the company’s renewed commitment to transparency, performance, and its responsibility to Nigerians.
“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,” he concluded.
Earlier this month, Ojulari had said in an interview that the sale of Nigeria’s older, non-performing refineries, including those in Warri, Port Harcourt, and Kaduna, was a possibility as NNPC re-evaluated its downstream strategy.
“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,” Ojulari had said.
He added, “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 whether the refineries might be sold, he responded: “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.”
