The Nigerian National Petroleum Company Limited (NNPCL) has officially ruled out the sale of the Port Harcourt Refining Company, putting to rest weeks of public speculation about the future of the country’s prominent state-owned refinery.
Instead of divesting the asset, NNPCL has reaffirmed its commitment to carrying out an extensive rehabilitation of the facility to ensure its sustained operation.
This decision was disclosed during a company-wide town hall meeting held at the NNPC Towers in Abuja. At the meeting, Bayo Ojulari, the Group Chief Executive Officer of NNPC Ltd, clarified the company’s stance on the Port Harcourt refinery, which remains one of Nigeria’s most strategic refining assets.
A statement released by the company reads, “The Nigerian National Petroleum Company Limited has officially ruled out the sale of the Port Harcourt Refining Company, reaffirming its commitment to completing high-grade rehabilitation and retention of the plant.
“The ongoing review indicates that the earlier decision to operate the Port Harcourt refinery, before full completion of its rehabilitation, was ill-informed and subcommercial.
“Although progress is being made on all three, the emerging outlook calls for more advanced technical partnerships to complete and high-grade the rehabilitation of the Port Harcourt refinery.
“Thus, selling is highly unlikely as it would lead to further value erosion.”
With this announcement, NNPCL has signaled its intent to revamp and retain the Port Harcourt refinery, emphasizing the need for advanced technical collaboration and strategic focus to restore the plant to full capacity.
