NNPC Rules Out Sale of Port Harcourt Refinery, Vows Full Rehabilitation

NNPC has dismissed rumors of selling the Port Harcourt Refinery, confirming it will focus on completing its full rehabilitation instead.

The Nigerian National Petroleum Company Limited (NNPC) has officially dismissed any plan to sell the Port Harcourt Refining Company, reaffirming its commitment to completing its “high-grade rehabilitation” and retaining the plant under national control.

The Group Chief Executive Officer (GCEO) of NNPC, Bayo Ojulari, made this clear during a company-wide town hall meeting at the NNPC Towers in Abuja, according to a statement released by the company.

Ojulari explained that the position was based on “ongoing detailed technical and financial reviews” of the Port Harcourt, Kaduna, and Warri refineries. He noted that the earlier decision to operate the Port Harcourt refinery before completing rehabilitation was “ill-informed and sub-commercial.”

The $1.5 billion rehabilitation of the Port Harcourt refinery, once celebrated as a milestone for Nigeria’s energy independence, has faced setbacks. The refinery, ceremoniously reopened in late 2024, shut down again just weeks later due to technical recalibrations, further eroding public trust after years of unfulfilled promises.

The controversy deepened when the Economic and Financial Crimes Commission (EFCC) arrested former refinery managing directors over alleged misappropriation of nearly $3 billion in rehabilitation funds.

Despite the challenges, NNPC emphasized that “selling it is highly unlikely as it would lead to further value erosion.” The clarification follows Ojulari’s earlier statement at the 2025 OPEC Seminar in Vienna, where his comment that “all options are on the table” sparked speculation about the refinery’s future.

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The announcement was met with applause from employees during the town hall, which also featured updates from the company’s Executive Vice Presidents on upstream, downstream, gas, power, and new energy operations.

NNPC described the session as an opportunity for “candid and constructive engagement,” acknowledging past missteps while outlining a clear roadmap for the refinery’s rehabilitation and long-term viability.

The company reaffirmed its role as the “strategic custodian of national energy infrastructure,” pledging to continue its transformation into a commercially driven, professionally managed national energy company that delivers on Nigeria’s energy security goals.