The Nigerian National Petroleum Company (NNPC) Limited has officially ruled out the sale of the Port Harcourt Refining Company (PHRC), pledging instead to complete its high‑grade rehabilitation and retain it as a critical national asset. This announcement was made by the Group Chief Executive Officer (GCEO) of NNPC Limited, Bashir Bayo Ojulari, during a company-wide town hall meeting held in Abuja on Tuesday, July 29, 2025.
Ojulari’s statement comes amid weeks of speculation sparked by earlier comments from top officials suggesting that non-performing refineries in Port Harcourt, Warri, and Kaduna might be sold. His remarks now offer clarity on the corporation’s direction, signaling a strong preference for rehabilitation over divestment.
According to Ojulari, NNPC’s internal technical and commercial review revealed that operating the Port Harcourt refinery before the completion of its full rehabilitation was a costly mistake. He stated: “The Nigerian National Petroleum Company Limited has officially ruled out sale of the Port Harcourt Refining Company, reaffirming its commitment to completing high‑graded rehabilitation and retention of the plant. The ongoing review indicates that the earlier decision to operate the refinery prior to full completion of its rehabilitation was ill‑informed and sub‑commercial.”
This declaration stands in stark contrast to Ojulari’s earlier comments at the 2025 OPEC International Seminar in Vienna, where he hinted that “all options were on the table,” including a possible sale of the refinery. That comment had fueled widespread media speculation about the future of Nigeria’s state-owned refineries and prompted questions about whether NNPC would divest non-performing assets.
Ojulari explained that selling the refinery would undermine ongoing efforts to restore value to Nigeria’s downstream petroleum infrastructure. He emphasized that significant resources have already been invested in rehabilitating the Port Harcourt refinery, and abandoning it now would lead to value erosion. He confirmed that the company’s focus is now on working with advanced technical partners to complete the upgrade and bring the facility to full operational capacity.
The Port Harcourt refinery has been undergoing phased rehabilitation since 2021, with over $1.5 billion allocated for its overhaul. Despite intermittent production in recent years, output has remained inconsistent due to ongoing repairs and structural challenges. Ojulari stressed that while the process has been slow, completing the rehabilitation remains critical for Nigeria’s energy security and the reduction of imported petroleum products.
NNPC is also conducting a broader strategic review of its refining assets, including facilities in Warri and Kaduna. This review, expected to be concluded by the end of 2025, will determine whether further restructuring or additional technical partnerships are required. Ojulari reiterated that these efforts align with the company’s mandate to secure Nigeria’s energy future and optimize its operations for commercial viability.
The reaffirmed commitment to retaining and rehabilitating the Port Harcourt refinery marks a significant policy stance for NNPC. It underscores the company’s intent to prioritize national ownership and efficiency over privatization. For Nigeria, where imported fuel remains a major burden on the economy, a fully operational domestic refinery system is seen as a cornerstone of energy independence.
By taking this decisive position, NNPC under Bashir Bayo Ojulari seeks to restore confidence in its strategic vision and dispel lingering doubts about the future of the country’s refining sector. His comments highlight a shift toward asset retention and modernization, laying the groundwork for what could be a transformative phase in Nigeria’s downstream oil and gas industry.
