By Muhammad Sal
The Nigerian National Petroleum Company Limited (NNPC) has officially announced that it will not sell the Port Harcourt Refinery, promising to complete its rehabilitation and keep the plant under national control.
This new position was confirmed by NNPC’s Group Chief Executive Officer, Bayo Ojulari, during a company-wide town hall meeting at NNPC Towers, Abuja, on Tuesday, July 29, 2025. The official statement was widely reported by national dailies including Premium Times, Punch, and Nairametrics.
Ojulari clarified that the company’s decision is based on technical and financial reviews of Nigeria’s main refineries. According to Premium Times, Ojulari explained,
“The Nigerian National Petroleum Company Limited (NNPC) Ltd has officially ruled out sale of the Port Harcourt Refining Company, reaffirming its commitment to completing high-graded rehabilitation and retention of the plant”.
He further stated that
“the emerging outlook calls for more advanced technical partnerships to complete and upgrade the rehabilitation of the Port Harcourt refinery. Thus, selling is highly unlikely as it would lead to further value erosion”.
Reporting from Nairametrics adds that feedback from NNPC staff after the announcement was positive, as many described the move as “reassuring” and “transformational” for the company’s direction.
Recent speculation about a possible sale followed Ojulari’s earlier comments at the 2025 OPEC Seminar, where he said “all options are on the table” for Nigeria’s non-performing refineries. Ojulari clarified at the town hall that the current decision is not a reversal, but instead,
“informed by ongoing detailed technical and financial reviews”
NNPC says it will continue to prioritize transparency and professional management, with the refinery’s rehabilitation remaining a top priority for Nigeria’s broader energy security and for retaining critical assets under national control.
The Port Harcourt Refinery will stay government-owned as NNPC moves forward with its rehabilitation plan, which industry watchers and staff hope will boost local fuel supply and reduce Nigeria’s heavy reliance on imports.
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