The Nigerian National Petroleum Company Limited (NNPCL) has said there was no plan to sell the Port Harcourt Refinery, reaffirming its commitment to completing high-graded rehabilitation and retention of the plant.
The Group Chief Executive Officer (GCEO), NNPCL, Bayo Ojulari, disclosed this at a company-wide Town Hall meeting held on Tuesday at the NNPC Towers, Abuja.
He stated that the position was not a shift, but rather informed by ongoing detailed technical and financial reviews of the Port Harcourt, Kaduna and Warri refineries.
“The ongoing review indicates that the earlier decision to operate the Port Harcourt Refinery prior to full completion of its rehabilitation was ill-informed and sub-commercial.
“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,” the NNPCL GCEO stated in a release, on Wednesday.
The announcement by Ojulari was in the wake of widespread speculation following his remarks at the 2025 OPEC Seminar in Vienna, Austria earlier this month, where he said during an interview with Bloomberg that “all options are on the table.”
The comment expectedly sparked speculation and headlines about the future of the nation’s refining assets.
The latest position of the NNPCL GCEO received with applause from hundreds of staff attendees, who described the position as a renewed sense of business-focused direction across the organisation.
The town hall served as more than a performance update—it was an opportunity for candid and constructive engagement.
NNPCL Executive Vice Presidents presented progress reports from the upstream, downstream, finance, business services, gas, power, and new energy businesses, highlighting operational achievements, ongoing reforms, and areas requiring attention.
“In a tone marked by honesty and leadership, challenges and earlier missteps were acknowledged, and a clear roadmap was outlined for the journey ahead.
“The announcement reinforces NNPCL’s mandate as a strategic custodian of national energy infrastructure and reflects a firm resolve to deliver on the complete rehabilitation and long-term viability of Nigeria’s refineries.
“It also signals continuity in the Federal Government’s broader energy security objectives and a commitment to retaining critical assets under national control.
“Feedback during and after the session revealed a workforce energised and aligned with the leadership’s vision.
“Described as “reassuring,” “transformational,” and “sustainable,” the atmosphere reflected an optimist outlook among employees and hopefulness about the company’s evolving strategic direction.
“NNPCL Management assured that it will continue to reposition itself as a commercially-driven, professionally-managed national energy company, grounded in transparency, focused on performance, and unwavering in its responsibility to its number one stakeholder group, Nigerians,” Ojulari concluded.
