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The Nigerian National Petroleum Company Limited (NNPC) says that it does not intend to divest from the Port Harcourt Refining Company (PHRC), reaffirming its dedication to finishing the comprehensive rehabilitation and maintenance of the facility.
During a company-wide town hall meeting held at the headquarters of the national oil corporation in Abuja, Bayo Ojulari, the group chief executive officer (GCEO) of NNPC, ruled out the sale of the refinery in response to increasing worries regarding the future of NNPC’s crude oil refining properties.
Ojulari had earlier said that the company was exploring the possibility of selling state-owned refineries due to challenges in restoring the plants. However, during the town hall meeting, the NNPC leader dismissed the idea of selling the asset.
“The Nigerian National Petroleum Company Limited (NNPC) Ltd 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 reads.
He clarified that the national oil company’s stance is not a change but is based on ongoing thorough technical and financial assessments of the Port Harcourt, Kaduna, and Warri refineries.
“Although progress is being made on all three refineries, the emerging outlook calls for more advanced technical partnerships to complete and high-grade the rehabilitation of the Port Harcourt refinery. Thus, selling is highly unlikely as it would lead to further value erosion.” He said.
Ojulari stressed that the NNPC will continue to transform itself into a commercially driven and professionally managed national energy entity, rooted in transparency, performance-oriented, and steadfast in its commitment to its primary stakeholder group, the Nigerian people.
