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Reiterating its commitment to completing high-grade rehabilitation and maintaining the plant, the Nigerian National Petroleum Company Limited (NNPCL) has formally ruled out selling the Port Harcourt Refining Company.
NNPC Limited’s Group Chief Executive Officer (GCEO), Bashir Bayo Ojulari, made the announcement during a company-wide town hall meeting on Tuesday at the NNPC Towers in Abuja, the company said in a statement on Wednesday.
According to him, the job isn’t a shift. Ongoing thorough technical and financial analyses of the refineries in Port Harcourt, Kaduna, and Warri instead provide its basis.
The choice to run the Port Harcourt refinery before its rehabilitation was fully completed was ill-informed and sub-commercial, according to the ongoing review, Ojulari added.
According to the statement, even though all three are making progress, the improving outlook necessitates more sophisticated technological collaborations to finish and upgrade the Port Harcourt refinery’s restoration. Because it would result in more value degradation, selling is therefore extremely improbable.
The declaration follows a lot of conjecture after he stated in an interview with Bloomberg earlier this month that “all options are on the table” at the 2025 OPEC Seminar in Vienna, Austria.
Regarding the future of the country’s refining assets, the remark generated rumors and news stories.
Hundreds of staff members who attended greeted the announcement with enthusiasm, characterizing the role as a revitalized sense of business-focused direction throughout the organization.
“The town hall was an opportunity for open and constructive engagement—it was more than just a performance update,” the statement read.
Presenting progress reports from the Upstream, Downstream, Finance, Business Services, Gas, Power, and New Energy companies, the Executive Vice Presidents highlighted areas that needed attention, ongoing changes, and operational accomplishments.
In a tone characterized by integrity and leadership, it acknowledged difficulties and past errors and provided a clear road map for the future.
In addition to demonstrating a strong commitment to completing the rehabilitation and ensuring the long-term sustainability of Nigeria’s refineries, the statement reaffirms NNPC’s role as a strategic steward of the country’s energy infrastructure.
It also shows that the Federal Government is committed to keeping vital assets under national control and that its larger energy security goals will continue.
It claimed that comments given both during and after the meeting showed that the staff was motivated and in line with the leadership’s goals.
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The environment, which was described as “reassuring,” “transformational,” and “sustainable,” demonstrated an optimistic attitude among staff members and optimism toward the company’s changing strategic direction.
Ojulari stated, “NNPC Ltd will continue to reposition itself as a commercially driven, professionally managed national energy company, based on transparency, focused on performance, and unwavering in its responsibility to its best stakeholder group, Nigerians.” Kolmani, Bauchi: NNPCL Drills Four Oil Wells According to Mr. Yusuf Usman, a director of the Nigerian National Petroleum Company Ltd., the company has drilled four oil wells in the Bauchi State region of Kolmani.
The company’s dedication to exploring and developing oil and gas resources in the country’s northern region was also reiterated by him.
Usman made this statement on Wednesday in Kaduna at the two-day interactive Session on Government-Citizens Engagement hosted by the Sir Ahmadu Bello Memorial Foundation.
The NNPCL has drilled four wells in the Kolmani region of Bauchi State thus far, and it is now assessing the best technology to use for the subsequent drilling phase, Usman said.
President Tinubu’s Compressed Natural Gas (CNG) Initiative is being supported by the development of five CNG and LNG plants in Kogi.
“The northern region’s gas supply and accessibility should be improved by these plants.”
