By Godwin Orozo
Abuja — The Nigerian National Petroleum Company Limited (NNPC) has dispelled rumours of a planned sale of the Port Harcourt Refining Company, insisting the asset remains a critical part of its national energy strategy.
Speaking during a company-wide town hall meeting on Tuesday in Abuja, NNPC’s Group Chief Executive Officer (GCEO), Mr. Bashir Bayo Ojulari, said the company is fully committed to the complete rehabilitation and long-term retention of the Port Harcourt Refinery.
“We are not selling the Port Harcourt Refinery,” Ojulari declared. “This is not a reversal of our position, but a reinforcement of it—driven by fresh technical and financial reviews of all three refineries: Port Harcourt, Kaduna, and Warri.”
He explained that recent reviews revealed that the earlier plan to begin partial operations at the refinery before full rehabilitation was not commercially viable.
“Our analysis showed that starting operations mid-way through the overhaul would have been sub-commercial and strategically unwise,” he said. “We now recognise the need for more robust technical partnerships to bring the refinery up to modern operational standards.”
Ojulari also addressed speculation that followed his remarks earlier this month at the 2025 OPEC Seminar in Vienna, where he had told Bloomberg that “all options are on the table” regarding NNPC’s assets. That comment had sparked widespread rumours about potential refinery sales.
“What I meant was that we are exploring strategic pathways to optimise our operations, not offload national assets,” Ojulari clarified on Tuesday. “Selling the Port Harcourt Refinery would not only be premature, it would lead to further erosion of value.”
The announcement received enthusiastic applause from hundreds of NNPC staff in attendance, many of whom described the message as a clear signal of renewed direction and internal confidence in the company’s future.
“It was not just a town hall,” one employee said. “It was a reaffirmation of our identity as a national energy company, committed to rebuilding and retaining our most vital infrastructure.”
Executive vice presidents of the company also presented reports across various business units, including Upstream, Downstream, Finance, Business Services, Gas, Power, and New Energy. They highlighted milestones, reforms, and performance benchmarks across the board.
“The decision to retain and rehabilitate our refineries, especially Port Harcourt, aligns with our national mandate to secure energy for Nigeria,” Ojulari said. “It reflects our determination to hold strategic assets in trust for Nigerians.”
Describing the session as “transformational and reassuring,” Ojulari added that the feedback from staff revealed a motivated workforce, fully aligned with NNPC’s evolving commercial vision.
“NNPC 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.
