… rules out sale, affirms it will remain a national asset
Oredola Adeola
The Nigerian National Petroleum Company Limited (NNPC) has emphasized the need for advanced technical partnerships to restore the Port Harcourt Refining Company to full commercial viability.
Group Chief Executive Officer of NNPC, Engr. Bayo Ojulari, disclosed this recently in a post on his official LinkedIn page.
Ojulari explained that the company’s objective is to upgrade the refinery’s design to meet current international product standards while ensuring the complete rehabilitation of all critical components for efficient operations.
The GCEO further ruled out the sale of the Port Harcourt Refining Company, stressing that the refinery will remain a national asset.
He said the decision aligns with Nigeria’s broader National Energy Strategy, Energy Security, and Asset Retention agenda.
He recalled that in May 2025, shortly after assuming office, he announced the shutdown of the refinery to allow for a comprehensive technical and financial review.
According to him, the earlier start-up of the plant while refurbishment was still incomplete had been contrary to its design standards and operating procedures, which led to suboptimal performance.
Emphasizing that selling the refinery would only result in further erosion of value for the country, Ojulari insisted that NNPC’s priority is the complete rehabilitation of all critical components to restore the plant to full efficiency.
“Our focus is to ensure efficient and profitable operation of the refineries with NNPC’s investments.
“We’re repositioning as a commercially driven, transparent energy company serving Nigerians,” Ojulari stated.
He added that the effort would also guarantee NNPC’s capacity to meet its obligations under the Petroleum Industry Act (PIA) as the supplier of last resort for petroleum products.
Advisors Reports gathered that both the 60,000 barrels per day (bpd) old plant and the new 150,000 bpd unit of the Port Harcourt Refining Company were fully shut down for rehabilitation in March 2019.
In 2021, the Nigerian National Petroleum Company Limited (NNPC Ltd.) commenced repairs after the Federal Executive Council (FEC) approved $1.5 billion for the project.
Italy’s Maire Tecnimont was contracted to carry out the refinery’s review, while oil major Eni was appointed as technical adviser.
On December 21, 2023, the Federal Government announced the mechanical completion of the facility alongside the flare start-up, marking a major milestone in the rehabilitation process.
By November 2024, the refinery resumed production after years of rehabilitation, but immediately drew public skepticism.
Critics questioned the authenticity of the process, alleging that the operation was either superficial or misrepresented.
Some industry experts disclosed that the initial output consisted mainly of fuel additives rather than full petrol production.
Many also doubts whether genuine refining activities had resumed at all.
Their concerns were further heightened by the absence of official pricing to marketing outlets, prompting speculation about delays and possible misuse.
However, in May 2025, NNPC Ltd. announced a fresh shutdown of the refinery to allow for a full technical and financial review under the new leadership of Engr. Ojulari.
