No Plans to Sell PH Refinery, Says NNPC

The Nigerian National Petroleum Company Limited (NNPC Ltd) has officially dismissed any plans to sell the Port Harcourt Refining Company, ending weeks of speculation and affirming its commitment to reviving the facility through high-level technical rehabilitation.

Group CEO Bayo Ojulari made the announcement during a town hall meeting in Abuja, stating that selling the refinery would be “ill-advised and sub-commercial.”

Ojulari clarified that the decision follows an ongoing technical and financial review of Nigeria’s key refineries Port Harcourt, Warri, and Kaduna. He noted that operating the Port Harcourt refinery before full rehabilitation was a misstep and that the company is now focused on securing advanced technical partnerships to complete the upgrade.

The company emphasized that retaining the refinery supports Nigeria’s energy security goals and prevents further value loss, reaffirming NNPC’s role as a strategic custodian of national energy infrastructure.