The Nigerian National Petroleum Company Limited (NNPC Ltd) has officially ruled out the sale of the Port Harcourt Refining Company (PHRC), putting an end to growing speculation surrounding the future of the country’s most prominent state-owned refinery.
Group Chief Executive Officer of NNPC Ltd, Mr. Bayo Ojulari, made the announcement during a company-wide town hall meeting held at the NNPC Towers in Abuja on Wednesday. The reaffirmation follows public unease over his recent remarks at the 2025 OPEC Seminar in Vienna, where he suggested that “all options are on the table” concerning Nigeria’s refineries—comments that sparked widespread speculation about a potential divestment.
In a formal statement released after the meeting, NNPC Ltd emphasized its unwavering commitment to the high-grade rehabilitation of the Port Harcourt refinery and maintained that divesting from the asset would be counterproductive.
“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 statement read.
Ojulari clarified that this position is not a reversal of policy, but rather the result of in-depth technical and financial assessments of Nigeria’s three major refineries—Port Harcourt, Kaduna, and Warri.
He further described the idea of selling PHRC as “ill-advised and sub-commercial,” noting that such a move would undermine the significant progress already achieved in ongoing rehabilitation efforts.
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“The ongoing review indicates that the earlier decision to operate the Port Harcourt refinery, before full completion of its rehabilitation, was ill-informed and sub-commercial,” Ojulari explained.
While acknowledging that progress is ongoing across all three refineries, Ojulari stressed the need for advanced technical partnerships to ensure successful rehabilitation of the Port Harcourt plant.
“Thus, selling is highly unlikely as it would lead to further value erosion,” the statement added.
The Port Harcourt Refining Company remains a strategic national asset, and the NNPC Ltd’s renewed commitment to its rehabilitation is expected to reinforce Nigeria’s refining capacity and energy security agenda.