The Nigerian National Petroleum Company Limited (NNPC Ltd) has firmly ruled out the sale of the Port Harcourt Refining Company (PHRC), stating its renewed commitment to completing the ongoing rehabilitation and maintaining ownership of the strategic national asset.
This clarification was made by Group Chief Executive Officer, Bayo Ojulari, during a company-wide town hall meeting in Abuja. Responding to recent speculation, Ojulari described the idea of selling the refinery as “ill-advised and sub-commercial,” emphasizing that such a move would be counterproductive given the advanced stage of rehabilitation and the broader national interest.
Clarifying NNPC Ltd’s Position
The announcement follows confusion generated by Ojulari’s earlier remarks at the 2025 OPEC Seminar in Vienna, where he stated that “all options are on the table” concerning Nigeria’s refineries. The statement had sparked public debate about whether the company was considering divestment of key assets.
NNPC Ltd has now clarified that its current strategy is based on detailed technical and financial evaluations of the Port Harcourt, Warri, and Kaduna refineries. The findings have led to a shift in operational plans, particularly regarding the earlier decision to resume limited operations at the Port Harcourt refinery before full rehabilitation was completed.
According to Ojulari, that decision was “ill-informed” and economically unviable. He stated that the company now intends to pursue “more advanced technical partnerships” to ensure a high-grade, sustainable completion of the Port Harcourt facility.
“Selling is highly unlikely as it would lead to further value erosion,” Ojulari noted.
Focus on Strategic Control and Completion
NNPC Ltd stressed that retaining ownership of PHRC aligns with its broader mandate as a commercial yet nationally strategic energy company. The Port Harcourt refinery, with a combined refining capacity of 210,000 barrels per day, is a key component of Nigeria’s energy security framework and is considered vital to the government’s plan to reduce dependence on imported petroleum products.
Although mechanical completion was announced in December 2023 and limited test operations began in November 2024, the refinery was shut down again in May 2025. The company now acknowledges that full rehabilitation must be prioritized before resuming operations, to avoid further disruptions and inefficiencies.
NNPC Ltd is currently seeking additional funding to complete the final stages of the project. While specifics of the financing approach have not been disclosed, the company emphasized that any partnerships or financial instruments would align with its goal of transparency, commercial viability, and national interest.
A Long-Term Vision for National Energy Assets
This latest development underscores NNPC Ltd’s evolving role as a restructured, limited-liability energy company with both commercial ambitions and a public-service obligation. By recommitting to full rehabilitation and national ownership of the Port Harcourt refinery, NNPC Ltd signals its intention to strengthen Nigeria’s refining capacity and play a leading role in the country’s energy transition.
The company concluded that it remains dedicated to repositioning itself as a “commercially driven and transparent” entity, while safeguarding critical national infrastructure for future generations.
