The Nigerian National Petroleum Company Limited (NNPC) has confirmed that the Port Harcourt Refining Company (PHRC) is not for sale and is committed to raising additional funding for its rehabilitation. This announcement was made by Group CEO Bayo Ojulari during a town hall meeting at the NNPC Towers in Abuja.
NNPC has previously secured over N16 trillion for the maintenance of its refineries between 2002 and 2012 and is now exploring advanced technical partnerships to expedite the rehabilitation of the Port Harcourt refinery. Ojulari described selling the refinery as “ill-advised,” emphasizing the importance of retaining the plant for national interests.
Despite earlier comments that suggested potential options regarding the future of Nigeria’s refineries, the NNPC has reaffirmed its commitment to completing the rehabilitation of the Port Harcourt, Warri, and Kaduna refineries. The company aims to operate the Port Harcourt refinery effectively and has noted that the previous decision to operate it before full rehabilitation was misguided.
The Independent Petroleum Marketers Association of Nigeria (IPMAN) welcomed the decision not to sell the refinery, stating that it is 90% completed and should be finalized by the original contractors. However, IPMAN raised concerns about the search for new technical partners, questioning the delays in project completion.
Energy analyst Kelvin Emmanuel expressed skepticism regarding NNPC’s funding plans for rehabilitation, citing unaccounted loans for previous work. The Port Harcourt refinery has not operated at full capacity for over two decades, and its future operations are critical for Nigeria’s energy security.
Ojulari concluded by highlighting NNPC’s commitment to transparency, performance, and serving the interests of Nigerians as it works towards the successful rehabilitation of its refineries.
