The Nigerian National Petroleum Company Limited (NNPCL) has officially dismissed speculation regarding the sale of the Port Harcourt Refining Company (PHRC), declaring its unwavering commitment to a comprehensive “high-grade rehabilitation” and continued ownership of the vital national asset. This decision, announced by Bayo Ojulari, the Group Chief Executive Officer of NNPC Ltd, at a company-wide town hall meeting held at the NNPC Towers in Abuja, aims to put an end to weeks of public speculation.
In an official statement, NNPCL confirmed its position: “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.”
Ojulari’s announcement clarifies earlier remarks that had been interpreted as indicating a potential sale of the nation’s refineries. He stressed that these previous statements, made during the 2025 OPEC Seminar in Vienna, were taken out of context and were part of an ongoing, broader strategic review of Nigeria’s refining assets.
The NNPCL statement further elaborated on the rationale behind the decision: “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.” The company acknowledged that while progress is being made on all three national refineries (Port Harcourt, Warri, and Kaduna), the emerging outlook necessitates “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,” the statement concluded, underscoring the company’s focus on maximizing the asset’s long-term value for Nigeria.
The Port Harcourt Refinery has been a subject of significant public discourse, particularly concerning the timelines and investments in its rehabilitation. The refinery, which was shut down in March 2019 for repairs, saw a reported mechanical completion and flare start-up of its Area 5 Plant in December 2023. While the company announced a resumption of production in November 2024, it subsequently initiated a maintenance shutdown in May 2025 to evaluate sustainability and improve operational efficiency.
The House of Representatives Committee on Petroleum Resources (Downstream) has also been probing the state of refinery rehabilitation projects following concerns over their functionality despite substantial financial investments.
Bayo Ojulari, who assumed the role of GCEO of NNPC Ltd on April 2, 2025, assured stakeholders that the company remains focused on becoming a commercially viable, professionally managed energy company dedicated to delivering value to Nigerians. The decision to retain the Port Harcourt Refinery reinforces NNPCL’s mandate as a strategic custodian of national energy infrastructure and aligns with the Federal Government’s broader energy security strategy, which favors retaining critical assets under national control.
