The Nigerian National Petroleum Company Limited (NNPCL) has categorically ruled out the sale of the Port Harcourt Refining Company, reiterating its focus on completing a thorough and high-grade rehabilitation of the facility.
Group Chief Executive Officer of NNPCL, Bashir Ojulari, made this known during a town hall session held on Tuesday at the company’s headquarters in Abuja. He clarified that the decision not to sell is not a reversal of policy but rather the result of ongoing in-depth technical and financial assessments of the Port Harcourt, Warri, and Kaduna refineries.
Ojulari noted that earlier plans to restart operations at the Port Harcourt refinery prior to the full completion of its overhaul have now been deemed unwise and economically unsound. He explained that current evaluations point toward the need for more robust technical partnerships to ensure the refinery’s comprehensive upgrade is done to international standards.
According to him, selling the asset is not a viable option at this point, as it would only diminish its value and undermine long-term national interests.
This clarification comes amid recent public speculation triggered by Ojulari’s comments during the 2025 OPEC Seminar in Vienna, where he had suggested that “all options are on the table.” That statement sparked widespread debate and headlines regarding the potential privatization of Nigeria’s key refining assets.
At the town hall meeting, executive vice presidents across several divisions including Upstream, Downstream, Finance, Gas, Power, New Energy, and Business Services presented progress updates. They highlighted notable achievements, outlined areas that need more focus, and detailed ongoing structural reforms.
NNPCL described the reaffirmation of its stance as a reflection of its role as a strategic custodian of Nigeria’s energy infrastructure. The company emphasized that its approach aligns with the broader energy security agenda of the Federal Government and reinforces its commitment to keeping critical national assets under public ownership.
Following the meeting, internal feedback suggested a strong sense of alignment between the leadership’s vision and the workforce. Staff reportedly expressed renewed confidence in the company’s direction, calling the session “transformational,” “sustainable,” and “reassuring.”
NNPCL reiterated its goal of evolving into a commercially focused, professionally run national energy entity, anchored in transparency, operational excellence, and long-term performance.
