Breaking: NNPC Rules Out Sale of Port Harcourt Refinery, Commits to Full Rehabilitation
By Alooma Idris Kasumu
ABUJA, July 30, 2025 – The Nigerian National Petroleum Company Limited (NNPC Ltd) has officially ruled out the sale of the Port Harcourt Refining Company, reaffirming its commitment to completing a high-grade rehabilitation of the strategic asset and retaining it under national ownership.
The Group Chief Executive Officer of NNPC Ltd, Bashir Bayo Ojulari, made the announcement during a company-wide town hall meeting held Tuesday at the NNPC Towers in Abuja. Addressing hundreds of staff, Ojulari said the company’s decision was not a policy reversal, but one based on ongoing technical and financial reviews of Nigeria’s three state-owned refineries in Port Harcourt, Kaduna, and Warri.
He disclosed that the earlier intention to restart the Port Harcourt refinery before completing its full rehabilitation was “ill-informed and sub-commercial,” noting that such an approach would have compromised long-term value.
“Although progress is being made on all three refineries,” Ojulari stated, “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 amid public speculation triggered by Ojulari’s remarks at the 2025 OPEC Seminar in Vienna earlier this month, where he told Bloomberg that “all options are on the table” regarding Nigeria’s refining assets. His clarification on Tuesday effectively laid such speculation to rest.
The declaration was met with applause from staff, who welcomed the reaffirmation of NNPC’s strategic focus and described it as a bold step toward national energy security and industrial revitalization.
The town hall served as more than just a corporate update. Executive Vice Presidents across the company’s business arms presented detailed reports on Upstream, Downstream, Finance, Business Services, Gas, Power, and New Energy. The session highlighted key achievements, ongoing reforms, and areas where further attention is needed.
In an atmosphere described by attendees as “reassuring” and “transformational,” the NNPC leadership acknowledged past missteps, set a clear roadmap for future operations, and reaffirmed its commitment to operating as a commercially-driven and professionally-managed energy company.
Ojulari concluded by emphasizing that NNPC Ltd remains focused on performance, guided by transparency, and committed to serving its primary stakeholder — the Nigerian people.
“We are not just rebuilding assets; we are rebuilding trust, performance culture, and long-term value for Nigeria,” he said.
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