- NNPCL Speaks on Plans to Sell Port Harcourt Refinery
- Company to continue high-grade rehabilitation of the facility.
- Selling refinery now will erode long-term asset value.
The Nigerian National Petroleum Company Limited (NNPCL) has officially dismissed speculations about selling the Port Harcourt Refining Company, reaffirming its decision to retain and fully rehabilitate the facility.
EDITOR’S PICKS
- Hailey Bieber Clears Air on $1 Billion Rhode Sale
- Presidential Jet Returns After Repaint In South Africa
- Osimhen Finally Set for €75m Permanent Galatasaray Move
EKO HOT BLOG reports that the Group Chief Executive Officer of NNPCL, Bayo Ojulari, made this announcement during a company-wide town hall meeting at the NNPC Towers in Abuja. His remarks put to rest weeks of public speculation surrounding the future of the country’s largest state-owned refinery.
In a statement released on Wednesday, the company emphasised its commitment to comprehensive rehabilitation efforts rather than divestment.
“The Nigerian National Petroleum Company Limited has officially ruled out the sale of the Port Harcourt Refining Company, reaffirming its commitment to completing high-grade rehabilitation and retention of the plant,” the statement read.
NNPCL further noted that a recent internal review showed the previous plan to operate the refinery before completing its rehabilitation was flawed and uneconomical.
“The ongoing review indicates that the earlier decision to operate the Port Harcourt refinery, before full completion of its rehabilitation, was ill-informed and subcommercial,” the company explained.
While acknowledging progress across its three refinery rehabilitation projects, NNPCL stated that the emerging outlook calls for more technically advanced partnerships to complete and upgrade the Port Harcourt refinery to modern standards.
“Selling is highly unlikely as it would lead to further value erosion,” the company added, highlighting that retaining the asset is a more strategic and economically sound decision.
