The Nigerian National Petroleum Company Limited (NNPC Ltd) has unequivocally dismissed rumors of a potential sale of the Port Harcourt Refining Company, reaffirming its strategic commitment to the refinery’s complete rehabilitation and long-term retention under national ownership.
In a statement delivered during a town hall meeting on Wednesday, the Group Chief Executive Officer (GCEO) of NNPC Ltd, Bashir Ojulari, clarified that the company is not deviating from its plan. Instead, the position reflects ongoing detailed technical and financial evaluations of Nigeria’s three key refineries Port Harcourt, Kaduna, and Warri.
Ojulari emphasized that the earlier notion of operating the Port Harcourt refinery before fully completing its rehabilitation was “ill-informed and sub-commercial.” The current review, he noted, has underscored the need for more sophisticated technical partnerships to successfully complete and upgrade the plant to a high-grade operational standard.
He further stated that the option of selling the refinery is not on the table, as such a move would only lead to “further value erosion,” undermining the long-term economic and strategic benefits of national asset retention.
This clarification follows speculation sparked by Ojulari’s earlier remarks during an interview at the 2025 OPEC Seminar in Vienna, Austria, where his statement that “all options are on the table” was interpreted by some as a hint toward potential privatization. The GCEO’s recent address firmly dispels those notions.
NNPC described the declaration as well-received by the workforce, with hundreds of staff attending the town hall meeting applauding the reaffirmation of the company’s direction. The event provided more than a status update it served as a platform for open dialogue and reflection on performance, challenges, and the way forward.
Executive Vice Presidents across NNPC’s various business units Upstream, Downstream, Finance, Business Services, Gas, Power, and New Energy presented updates, outlining operational progress, reform initiatives, and areas requiring focused attention.
Ojulari struck a tone of transparency and accountability, openly acknowledging earlier missteps while outlining a clear roadmap to reposition NNPC as a commercially driven, professionally managed national energy company. He reiterated NNPC’s unwavering commitment to performance, transparency, and its national responsibility to Nigerians.
The announcement not only reinforces NNPC’s role as a steward of Nigeria’s critical energy infrastructure but also aligns with the Federal Government’s broader energy security strategy. It sends a strong signal of continuity, national control, and the importance of protecting and enhancing key national assets.
“The goal,” Ojulari said, “is not just about bringing our refineries back online, but ensuring they operate at world-class standards sustainably and profitably.”
