The Nigerian National Petroleum Company Limited has officially ruled out the sale of the Port Harcourt Refining Company, reaffirming its commitment to completing high-grade rehabilitation and retention of the plant.
Group Chief Executive Officer of NNPC Ltd, Bayo Ojulari, made the announcement during a company-wide town hall meeting at the NNPC Towers in Abuja, ending weeks of speculation over the future of the country’s most prominent state-owned refining asset.
A statement by the company management on Wednesday read, “The Nigerian National Petroleum Company Limited has officially ruled out the sale of the Port Harcourt Refining Company, reaffirming its commitment to completing high-grade rehabilitation and retention of the plant.”
He described selling the Port Harcourt Refining Company as “ill-advised and sub-commercial.”
Ojulari’s remarks come amid rising public concern sparked by his earlier comments at the 2025 OPEC Seminar in Vienna, where he said “all options are on the table” regarding the future of Nigeria’s refineries.
The statement triggered a wave of speculation that a sale might be imminent.
He stated that the new position of the firm isn’t a shift. Rather, it is informed by ongoing detailed technical and financial reviews of the Port Harcourt, Kaduna and Warri refineries.
The statement added, “The ongoing review indicates that the earlier decision to operate the Port Harcourt refinery, before full completion of its rehabilitation, was ill-informed and subcommercial.
”Although progress is being made on all three, the emerging outlook calls for more advanced technical partnerships to complete and high-grade the rehabilitation of the Port Harcourt refinery.
”Thus, selling is highly unlikely as it would lead to further value erosion.”
MESSAGE us @ https://Wa.me/+2348072633727 for business relationship, Advert, PR, Publicity, Awareness, Interviews, Feature Stories, Press Release/Statement and so on…
YOU CAN READ MORE NEWS UPDATES AND INFO @ https://www.voiceairmedia.com
The Federal Capital Territory Police Command has rescued an unidentified mentally challenged woman who delivered…
Panic gripped parts of Lagos in the early hours of Saturday following as fire outbreak…
Troops of the Nigerian Army have arrested 13 persons suspected to be part of a…
Our attention has been drawn to a rumour circulating around claiming that Hon. Oyewole Aderemi,…
Some residents of Plateau State have berated President Bola Tinubu following his visit to the…
Osun State Governor, Senator Ademola Adeleke has congratulated the new leadership of Osun Online Publishers…