The Nigerian National Petroleum Company Limited (NNPCL) has dismissed speculations about the possible sale of the Port Harcourt Refining Company.
POLITICS NIGERIA reports that the state-owned company has, however, affirmed its commitment to completing a full-scale rehabilitation of the facility.
The announcement was made during a company-wide town hall meeting held at the NNPC Towers in Abuja, where the Group Chief Executive Officer of NNPCL, Bayo Ojulari, addressed staff on the company’s strategic direction.
Ojulari stated that the Port Harcourt refinery, Nigeria’s most significant state-owned refining asset, would not be sold but rather undergo high-grade technical rehabilitation to restore its full operational capacity.
In a statement issued after the meeting, NNPCL explained, “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.”
The company further admitted that its previous consideration to begin operations before the full rehabilitation was concluded was “ill-informed and subcommercial.”
While noting progress on the Port Harcourt refinery and other state-owned facilities, NNPCL emphasised the need for deeper technical partnerships to ensure the comprehensive upgrade and long-term sustainability of the refinery.
“Selling is highly unlikely,” the statement added, “as it would lead to further value erosion.”