BREAKING: NNPCL shuts down sale speculations, commits to Refinery overhaul

The Nigerian National Petroleum Company Limited (NNPCL) has dismissed speculations about plans to sell the Port Harcourt Refining Company, stating that it remains committed to completing a high-grade rehabilitation of the plant and retaining it under national ownership.

Speaking during a town hall at the NNPCL Towers in Abuja on Tuesday, Group Chief Executive Officer Bashir Ojulari clarified that the decision was based on ongoing detailed technical and financial assessments of the Port Harcourt, Kaduna, and Warri refineries.

He emphasized that the idea of operating the Port Harcourt refinery before full rehabilitation was found to be “ill-informed and sub-commercial” upon review.

Ojulari also stressed that although progress is being made across all three refineries, the company is now considering more advanced technical partnerships to ensure a comprehensive and effective rehabilitation process.

He said that selling the Port Harcourt refinery would only result in further value erosion, making such a move highly unlikely.

His comments come amid recent speculation following his remarks at the 2025 OPEC Seminar in Vienna, where he told Bloomberg that “all options are on the table.”

That statement had raised concerns about a potential sale of the country’s refining assets.

However, the town hall meeting served to reaffirm the NNPC’s commitment to holding on to the refinery and completing its full rehabilitation.

Executive vice presidents from the Upstream, Downstream, Finance, Business Services, Gas, Power, and New Energy sectors also presented progress reports during the session, showcasing reforms, operational successes, and areas needing further attention.

NNPC stated that this reaffirmation reflects its role as a key custodian of national energy infrastructure and its ongoing alignment with the Federal Government’s energy security objectives.

It also shows the company’s determination to retain strategic assets under national control.

The announcement appeared to uplift staff morale, with feedback from the event describing the leadership’s vision as “reassuring,” “transformational,” and “sustainable.”

Many employees expressed optimism about the company’s strategic direction.

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Ojulari concluded by stating that NNPC Ltd will continue to evolve as a commercially driven, professionally managed energy company that is transparent, performance-focused, and committed to its primary stakeholders—Nigerians.