The Group Chief Executive Officer (GCEO) of Nigerian National Petroleum Company Limited (NNPC) Ltd Bashir Bayo Ojulari has said the company will not sell its Port Harcourt Refinery, contrary to speculations but will seek for more advanced technical partnerships to complete and high-grade its rehabilitation. Travel guides to Nigeria
Ojulari who said this this at a company-wide town hall meeting on Tuesday at the NNPC Towers, Abuja also affirmed his commitment to completion of the rehabilitation of the refinery.
The NNPC Ltd GCEO announcement followed widespread speculation over his remarks at the 2025 OPEC Seminar in Vienna, Austria earlier this month, where he said during an interview with Bloomberg that “all options are on the table.”
The comment sparked speculation and headlines about the future of the nation’s refining assets.
But Ojulari said at the meeting on Tuesday that his the position isn’t a shift from his earlier position that the refineries may be sold, but was informed by ongoing detailed technical and financial reviews of the Port Harcourt, Kaduna and Warri refineries.
“The ongoing review indicates that the earlier decision to operate the Port Harcourt refinery prior to full completion of its rehabilitation was ill-informed and sub-commercial”, Ojulari said.
“Although progress is being made on all three refineries, the emerging outlook calls for more advanced technical partnerships to complete and high-grade the rehabilitation of the Port Harcourt refinery.
“Thus, selling is highly unlikely as it would lead to further value erosion,” Ojulari was quoted as saying at Tuesday’s meeting according to a statement posted on the website of NNPCL.
The statement indicated that declaration that the refinery will not be sold was received with applause from hundreds of staff attendees, who described the position as a renewed sense of business-focused direction across the organisation.
The town hall served as more than a performance update—it was an opportunity for candid and constructive engagement. The Executive Vice Presidents presented progress reports from the Upstream, Downstream, Finance, Business Services, Gas, Power, and New Energy businesses, highlighting operational achievements, ongoing reforms, and areas requiring attention.
In a tone marked by honesty and leadership, challenges and earlier missteps were acknowledged, and a clear roadmap was outlined for the journey ahead.
“The announcement reinforces NNPC’s mandate as a strategic custodian of national energy infrastructure and reflects a firm resolve to deliver on the complete rehabilitation and long-term viability of Nigeria’s refineries. Travel guides to Nigeria
“It also signals continuity in the Federal Government’s broader energy security objectives and a commitment to retaining critical assets under national control.
“Feedback during and after the session revealed a workforce energised and aligned with the leadership’s vision. Described as “reassuring,” “transformational,” and “sustainable,” the atmosphere reflected an optimist outlook among employees and hopefulness about the company’s evolving strategic direction.
“NNPC Ltd will continue to reposition itself as a commercially driven, professionally managed national energy company, grounded in transparency, focused on performance, and unwavering in its responsibility to its number one stakeholder group, Nigerians”, Ojulari concluded.
