NNPC refutes claims of Port Harcourt refinery sale

By Aremu Toyeebaht

The Nigerian National Petroleum Company Limited (NNPC Ltd) has debunked speculations about privatizing the Port Harcourt Refining Company (PHRC), pledging instead to raise additional funding to complete the multi-billion-naira rehabilitation project of Nigeria’s major refineries.

Group Chief Executive Officer, Bayo Ojulari, made this clarification during a company-wide town hall meeting at the NNPC Towers in Abuja, ending weeks of uncertainty triggered by remarks made at the 2025 OPEC Seminar in Vienna, where he hinted that “all options are on the table” regarding the future of the country’s refineries.

In a statement on Wednesday, the national oil giant declared that the Port Harcourt refinery is not for sale, stressing that divesting the plant would be “ill-advised and sub-commercial.” “NNPC has officially ruled out the sale of PHRC. We remain fully committed to completing its high-grade rehabilitation and ensuring its operational sustainability,” Ojulari stated.

The clarification comes as NNPC explores advanced technical partnerships and fresh funding strategies to fast-track the completion of the Port Harcourt Refinery and two others—Warri and Kaduna—under a broader plan to boost Nigeria’s domestic refining capacity.

Between 2002 and 2012, the company secured approvals exceeding ₦16 trillion for turnaround maintenance on the three refineries, yet recurring downtime has heightened public scrutiny.

The latest assurance also coincided with Aliko Dangote’s comments questioning the viability of state-owned refineries, further fueling speculation that privatization might be imminent.

However, NNPC insists that rehabilitation remains a priority to ensure energy security, reduce fuel import dependence, and align with the federal government’s energy transition plan.