In a significant announcement that puts an end to weeks of speculation, the Nigerian National Petroleum Company Limited (NNPCL) has officially decided against selling the Port Harcourt Refining Company.
During a town hall meeting at the NNPC Towers in Abuja, Group CEO Bayo Ojulari confirmed this decision, stating that rather than selling, the company will focus on fully rehabilitating and upgrading the facility to meet world-class standards.
A statement from NNPCL reads:
“The previous plan to operate the Port Harcourt refinery before completing its rehabilitation was misguided and not commercially viable… Selling is now highly unlikely as it would only lead to further loss of value.”
This change in direction demonstrates a strong commitment to preserving and revitalizing Nigeria’s most important state-owned refining asset — potentially putting an end to decades of waste and reliance on fuel imports.
