NNPC Rules Out Port Harcourt Refinery Sale, Commits to Fresh Rehabilitation Despite Past Failures
Nigeria’s state-owned oil giant NNPC Limited has definitively shut down speculation about selling the troubled Port Harcourt Refining Company, with Group CEO Bashir Bayo Ojulari announcing at a company-wide town hall meeting that the facility will undergo complete rehabilitation instead. The dramatic reversal comes after Ojulari’s earlier comments at the OPEC Seminar in Vienna sparked widespread speculation about potential asset sales.
The announcement, delivered to hundreds of applauding staff at NNPC Towers in Abuja, revealed that ongoing technical and financial reviews have shown the earlier decision to operate the refinery before completing rehabilitation was “ill-informed and sub-commercial.” The company now plans to pursue advanced technical partnerships to complete and upgrade the rehabilitation process.
“Selling is highly unlikely as it would lead to further value erosion,” the statement emphasized, marking a clear shift in strategy for one of Nigeria’s most critical energy assets. The decision affects not only Port Harcourt but also the Kaduna and Warri refineries, all part of NNPC’s broader infrastructure overhaul.
The workforce reportedly responded with enthusiasm to the announcement, describing the new direction as “reassuring,” “transformational,” and “sustainable,” signaling renewed confidence in the company’s strategic vision under Ojulari’s leadership.
Source: saharareporters.com
