By Muhammad Mamman
The Nigerian National Petroleum Company Limited (NNPC Ltd) has categorically ruled out selling the Port Harcourt Refining Company, opting instead for a comprehensive refurbishment to secure its long-term operation.
At a company-wide town hall meeting at NNPC Towers in Abuja, Bayo Ojulari, Group Chief Executive Officer of NNPC Ltd, confirmed the decision, quashing weeks of speculation surrounding the future of Nigeria’s largest state-owned refining asset.
In an official statement, NNPC Ltd declared, “The Nigerian National Petroleum Company Limited has firmly dismissed any plans to sell the Port Harcourt Refining Company, reaffirming its dedication to completing a top-tier rehabilitation and retaining the facility.
“Recent evaluations have shown that the previous decision to operate the Port Harcourt refinery before fully completing its rehabilitation was misguided and commercially unviable.
“While progress continues across all three refineries, the current assessment highlights the need for advanced technical partnerships to finalise and enhance the refurbishment of the Port Harcourt facility.
“As such, a sale is highly improbable, as it would result in significant value loss.”
