The Nigerian National Petroleum Company Limited (NNPCL) has firmly dispelled rumours surrounding the sale of the Port Harcourt Refining Company, declaring that the facility will not be sold but rather undergo a high-grade rehabilitation process.

This was made known by the Group Chief Executive Officer, Mr. Bayo Ojulari, during a company-wide town hall meeting held at the NNPC Towers in Abuja, ending weeks of speculation about the future of one of Nigeria’s most significant state-owned assets.

In an official statement released following the meeting, NNPCL clarified that “The Nigerian National Petroleum Company Limited has officially ruled out the sale of the Port Harcourt Refining Company, reaffirming its commitment to completing high-grade rehabilitation and retention of the plant.”

The statement further explained that a recent internal review revealed that the earlier plan to commence operations prior to full completion of the refinery’s rehabilitation was “ill-informed and subcommercial.”

NNPCL emphasized that while work continues on the Port Harcourt, Warri, and Kaduna refineries, the current outlook necessitates more advanced technical partnerships to fast-track and complete the rehabilitation of the Port Harcourt facility.

“Selling is highly unlikely as it would lead to further value erosion,” the statement added.

The Port Harcourt refinery, a strategic component of Nigeria’s energy infrastructure, has been undergoing phased rehabilitation for several years. The latest commitment signals NNPCL’s intent to retain ownership, while ensuring that the facility becomes commercially viable and technically sound.