Ojulari: Port Harcourt refinery not for sale, early operation plan ‘ill-informed’

Bayo Ojulari, group chief executive officer of the Nigerian National Petroleum Company (NNPC) Limited, says the Port Harcourt Refining Company will not be sold—despite speculation following his recent remarks at an international forum.

According to the statement released by the company during its ‘wide town hall’ at NNPC Towers in Abuja on Tuesday, Ojulari said the decision not to sell is based on “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,” the statement reads.

“Although progress is being made on all three, 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.”

His statement came in response to rumours sparked by a Bloomberg interview during the 2025 OPEC Seminar in Vienna, where he reportedly said “all options are on the table.”

That comment fuelled concerns that NNPC might be considering privatising some of Nigeria’s state-owned refining assets.

Ojulari clarified that there has been no policy shift. Instead, he said, emerging realities point to a need for “more advanced technical partnerships” to complete and upgrade the Port Harcourt refinery, not a sale.

The refinery, which has undergone several costly and delayed rehabilitation projects, remains central to the federal government’s energy security goals.

Ojulari’s comments appear to signal a strategic shift toward long-term retention and efficiency rather than quick asset disposal.

“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 statement reads.

“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.

“It also signals continuity in the Federal Government’s broader energy security objectives and a commitment to retaining critical assets under national control.”

According to the statement, the announcement drew applause from staff, who welcomed what they described as a renewed sense of business-focused direction.

“The declaration 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 statement reads.

“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.”

According to Ojulari, NNPC remains committed to transforming into a commercially driven, professionally managed national energy company.

The Port Harcourt refinery has long been a symbol of Nigeria’s troubled refining sector. Despite multiple rehabilitation contracts and billions of naira spent, it has yet to deliver consistent domestic refining output, pushing the country to rely heavily on fuel imports.