The Nigerian National Petroleum Company Limited (NNPC Ltd) has confirmed it is seeking additional funding to complete the ongoing rehabilitation of the Port Harcourt Refining Company (PHRC) and Nigeria’s two other state-owned refineries in Warri and Kaduna.
The company also made it clear that the Port Harcourt refinery is not up for sale.
This assurance was given by the Group Chief Executive Officer of NNPC Ltd, Bayo Ojulari, during a company-wide town hall meeting held at the NNPC Towers in Abuja.
The announcement puts to rest speculation about the future of the nation’s flagship refinery, which had intensified following Ojulari’s earlier remarks at the 2025 OPEC Seminar in Vienna, where he stated that “all options are on the table” concerning Nigeria’s refineries.
Ojulari addressed these concerns directly, describing any attempt to sell the Port Harcourt Refining Company as “ill-advised and sub-commercial.” Instead, he said NNPC was pursuing a renewed strategy that includes securing more funding and exploring advanced technical partnerships to fast-track the refinery’s rehabilitation.
A statement issued by NNPC management on Wednesday reaffirmed this position, stating: “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.”
