US EditionNigeria: Port Harcourt Refinery Not for Sale
RIVERS, NIGERIA, JUL 30 – NNPC Ltd rules out sale of Port Harcourt Refinery after $1.5 billion rehab funding, citing risk of value erosion and need for advanced technical partnerships, CEO said.
- At a town hall at the NNPC Towers in Abuja on Tuesday, Group Chief Executive Officer Bashir Bayo Ojulari clarified that Nigerian National Petroleum Company Limited has officially ruled out the sale of the Port Harcourt Refining Company and will focus on high-grade rehabilitation.
- Following his Vienna remarks, NNPC clarified that the refinery is not for sale, with Ojulari emphasizing ongoing high-grade rehabilitation and asset retention.
- Amid ongoing rehabilitation efforts, Ojulari noted that an $18 billion investment in Port Harcourt’s complex upgrade demands more advanced strategic partnerships.
- Following the announcement at the town hall, NNPC staff at Abuja headquarters applauded, expressing relief and enthusiasm over the clarified direction not to sell the refinery.
- Aligning with national energy security goals, the Federal Government of Nigeria emphasizes completing the Port Harcourt refinery upgrade, with NNPC Ltd committed to retaining the asset and supporting self-sufficiency.
26 Articles
26 Articles
'Not going to happen' - NNPC boss rules out sale of Port Harcourt Refinery
The Nigerian National Petroleum Company Limited (NNPCL) has officially refuted a purported plan to sell the Port Harcourt Refining Company, reaffirming its commitment to maintaining and retaining the plant. Speaking during a company-wide town hall meeting at the NNPC Towers in Abuja, Group Chief Executive Officer of NNPC Ltd, Bayo Ojulari, announced the decision. Ojulari's announcement ended weeks of speculation over the future of the country’…
NNPC rules out sale of Port Harcourt Refinery
In November last year, the presidency announced that plans for the complete privatisation of Nigeria’s state-owned refineries are currently underway. The post NNPC rules out sale of Port Harcourt Refinery appeared first on Premium Times Nigeria.
Port Harcourt Refinery Not for Sale
The Nigerian National Petroleum Company Limited (NNPCL) on July 30, 2025, refuted rumors that the Port Harcourt Refinery is for sale, with Group Chief Executive Officer Bayo Ojulari issuing a statement denying market speculation. The 210,000-barrel-per-day facility, rehabilitated since 2019 for $1.5 billion, began partial operations in December 2024, processing 60,000 barrels daily. Ojulari attributed the rumors to misinformation, affirming the …
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