NNPCL reffirms rehabilitation commitment of P’Harcourt refinery, rules out sale
The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Bayo Ojulari, has made it clear that the Port Harcourt Refining Company will not be sold, emphasizing the company’s commitment to completing its full rehabilitation while keeping the asset under national control.
Ojulari’s remarks came during a company-wide town hall meeting held at the NNPC Towers in Abuja, where he addressed earlier speculations following an interview with Bloomberg at the 2025 OPEC Seminar in Vienna, where he had suggested that “all options were on the table” regarding the refinery’s future.
In a statement on Wednesday, he reiterated that this commitment to retain the refinery is a result of thorough technical and financial evaluations concerning Nigeria’s three major refineries—Port Harcourt, Kaduna, and Warri.
“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,” Ojulari stated during the town hall.
He further noted that while progress is being made across all three refineries, the complexity of the Port Harcourt facility requires more advanced technical partnerships to ensure its comprehensive upgrade. Selling the asset, he stressed, is now highly improbable, as it could lead to further value erosion.
Ojulari’s statements were met with enthusiasm from the hundreds of staff present, who expressed support for the renewed emphasis on strategy and asset retention.
The town hall served not only as a performance review but also as a platform for transparent dialogue, with Executive Vice Presidents from various NNPCL business units—Upstream, Downstream, Finance, Business Services, Gas, Power, and New Energy—presenting reports and discussing future plans.
“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,” the statement added.
Ojulari’s stance aligns with the Federal Government’s broader energy security objectives, reaffirming its intent to retain crucial energy assets under national ownership amid ongoing sector reforms.
Staff feedback after the meeting highlighted feelings of reassurance and optimism regarding the company’s strategic direction, describing the engagement as “transformational” and “sustainable.”
Under Ojulari’s leadership, the NNPCL is working towards not just operational refineries, but also a robust and transparent national energy platform that aims to significantly contribute to Nigeria’s economic transformation.
Source: Vanguard newspaper
