The Nigerian National Petroleum Company Limited (NNPC Ltd) has dismissed speculation about plans to sell the Port Harcourt Refining Company, reaffirming its commitment to completing the plant’s rehabilitation and retaining ownership.
Group Chief Executive Officer of NNPC Ltd, Mr. Bashir Ojulari, made this clarification during a town hall meeting held Tuesday at the NNPC Towers in Abuja.
Ojulari explained that contrary to media interpretations of his recent remarks at the 2025 OPEC Seminar in Vienna - where he stated that “all options are on the table” - the company is not considering a sale. He insisted the statement was taken out of context and clarified that technical and financial reviews of the Port Harcourt, Kaduna, and Warri refineries are ongoing.
He noted that the earlier plan to operate the Port Harcourt refinery prior to full rehabilitation was deemed "ill-informed and sub-commercial," based on the new review findings. As such, the company is exploring more advanced technical partnerships to complete the high-grade repairs.
“Selling is not on the table. Doing so would result in value erosion, which we cannot afford,” Ojulari said.
The town hall also featured performance updates from various arms of the company, including Upstream, Downstream, Finance, Business Services, Gas, Power, and New Energy. These updates highlighted progress, ongoing reforms, and areas in need of attention.
NNPC said the announcement reinforced its role as custodian of national energy infrastructure and aligned with the Federal Government’s broader energy security strategy, which favours retaining critical assets under national control.
Ojulari assured stakeholders that NNPC Ltd remains focused on becoming a commercially viable, professionally managed energy company rooted in transparency and dedicated to delivering value to Nigerians.
“The feedback from staff has been positive, many describe the direction as ‘reassuring’ and ‘transformational,’” Ojulari said. “We remain unwavering in our duty to our number one stakeholder: the Nigerian people.”
