The Nigerian National Petroleum Company Limited (NNPC Ltd) has firmly dismissed any plans to sell the Port Harcourt Refining Company (PHRC), emphasizing its dedication to completing comprehensive rehabilitation of the facility and maintaining ownership.
This assurance was given by the Group Chief Executive Officer, Bayo Ojulari, during a company-wide townhall meeting held at the NNPC headquarters in Abuja. Ojulari described any proposal to sell the refinery as “ill-advised and sub-commercial,” stressing that the company remains focused on restoring the facility to full operational capacity.
His comments follow earlier speculations, particularly after his June 11 remarks suggesting that the NNPC might consider selling its refineries due to challenges associated with repair efforts. However, Ojulari has now clarified that the idea of a sale has been conclusively ruled out.
According to him, the company’s current stance is the result of ongoing technical and financial evaluations of its three major refineries: Port Harcourt, Kaduna, and Warri. These assessments have revealed that a previous decision to commence operations at the Port Harcourt plant before completing its full rehabilitation was not commercially viable.
“While notable progress has been made across the refineries, current insights suggest the need for more advanced technical partnerships to successfully complete the high-grade rehabilitation of the Port Harcourt facility,” Ojulari explained. “Selling the asset at this stage would result in significant value erosion.”
He reiterated that NNPC Ltd is committed to repositioning itself as a commercially driven, professionally managed national energy company rooted in transparency, performance, and accountability to the Nigerian people.
The Port Harcourt Refining Company was temporarily shut down for maintenance on May 24. It comprises two units: an older refinery with a capacity of 60,000 barrels per stream day (bpsd), and a newer facility capable of processing 150,000 bpsd—giving the complex a combined capacity of 210,000 bpsd.
