Bayo Ojulari
The Nigerian National Petroleum Company Limited (NNPC Ltd) has ruled out selling the Port Harcourt Refining Company, opting instead for a comprehensive rehabilitation and retention of the plant. This decision was announced by the Group Chief Executive Officer (GCEO) of NNPC Ltd, Bashir Bayo Ojulari, during a company-wide town hall meeting at the NNPC Towers in Abuja.
Ojulari emphasized that the company will focus on completing a high-grade rehabilitation of the refinery, rather than selling it, as selling would lead to further value erosion. The NNPC Ltd plans to seek advanced technical partnerships to complete and upgrade the refinery, ensuring its long-term viability. This approach will enable the company to leverage the expertise and resources of technical partners to enhance the refinery’s operations and productivity.
The decision to retain the refinery comes after a detailed technical and financial review, which revealed that operating the Port Harcourt refinery before full completion of its rehabilitation was “ill-informed and sub-commercial”. This review has informed the company’s new strategy, prioritizing the rehabilitation and retention of the refinery over selling it. By retaining the refinery, NNPC Ltd aims to ensure that the facility contributes to Nigeria’s energy security goals and reduces reliance on fuel imports.
The announcement reinforces NNPC’s mandate as a strategic custodian of national energy infrastructure and reflects the Federal Government’s broader energy security objectives, prioritizing the retention of critical assets under national control. The decision signals a commitment to retaining critical energy assets under national control and ensuring the long-term viability of Nigeria’s refineries. The rehabilitation of the Port Harcourt refinery is expected to have a positive impact on the country’s economy and energy sector.
The NNPC Ltd’s focus on transparency, performance, and responsibility to its stakeholders will guide the company’s efforts in delivering a fully operational refinery system. The company’s leadership is committed to ensuring that the rehabilitation of the Port Harcourt refinery is carried out efficiently and effectively, with the goal of achieving optimal performance and productivity. With this decision, NNPC Ltd is poised to make a significant contribution to Nigeria’s energy security and economic development.
