Photo File: The Port Harcourt Refinery

The Nigerian National Petroleum Company Limited (NNPCL) has dismissed speculation about the possible sale of the Port Harcourt Refining Company, reaffirming its commitment to the plant’s full rehabilitation and long-term retention under national ownership.

Speaking during a town hall meeting held at the NNPCL Towers in Abuja on Tuesday, the Group Chief Executive Officer, Bashir Ojulari, said the decision was rooted in the findings of ongoing technical and financial evaluations across Nigeria’s three major refineries Port Harcourt, Kaduna, and Warri.

Ojulari clarified that the company’s stance was not a reversal but a more informed position following the comprehensive reviews. “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,” he stated.

He emphasised that selling the refinery at this stage would result in “further value erosion,” and instead called for more advanced technical partnerships to complete and high-grade the rehabilitation work already in progress. According to him, significant progress has been made on all three refineries, although the emerging outlook demands a more strategic and technically grounded approach.

The clarification comes on the heels of controversy generated by Ojulari’s remarks at the 2025 OPEC Seminar in Vienna, Austria, earlier this month. In an interview with Bloomberg, the NNPCL boss had noted that “all options are on the table,” a statement that sparked widespread media speculation about the future of Nigeria’s domestic refining assets.

Tuesday’s town hall also featured progress presentations by executive vice presidents across key NNPCL sectors including Upstream, Downstream, Finance, Business Services, Gas, Power, and New Energy. These updates highlighted operational milestones, reform initiatives, and critical areas needing further attention.

Reiterating its role as a strategic national energy custodian, the company said the Port Harcourt decision aligns with broader energy security goals and reinforces its intent to keep critical infrastructure under national control.

“Feedback during and after the session revealed a workforce energized and aligned with the leadership’s vision. Described as ‘reassuring,’ ‘transformational,’ and ‘sustainable,’ the atmosphere reflected an optimistic outlook among employees and hopefulness about the company’s evolving strategic direction,” NNPCL noted.

Ojulari concluded by restating the company’s core values and objectives “NNPC Ltd 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.”