The Nigerian National Petroleum Company Limited (NNPCL) has ruled out selling the Port Harcourt Refining Company, reaffirming plans to complete its rehabilitation and retain ownership.
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Group CEO Bayo Ojulari made the clarification during a town hall meeting in Abuja, following speculation triggered by his earlier remarks at the 2025 OPEC Seminar in Vienna. The company later explained that recent technical and financial reviews of Nigeria’s three major refineries – Port Harcourt, Kaduna, and Warri, led to the decision.
NNPCL stated that selling the Port Harcourt refinery is no longer being considered, as doing so could reduce its value. The facility’s complexity, the company added, requires more advanced technical partnerships.
Staff welcomed the update, which came during a broader performance review involving updates from NNPCL’s executive vice presidents.
