The Nigerian National Petroleum Company Limited (NNPC Ltd) has dismissed speculation about plans to sell the Port Harcourt Refining Company, reaffirming its commitment to fully rehabilitate and retain ownership of the state-run facility.

Group Chief Executive Officer of NNPC Ltd, Bayo Ojulari, made this clarification during a company-wide town hall meeting at the NNPC Towers in Abuja, following public concerns triggered by his earlier remarks at the 2025 OPEC Seminar in Vienna, where he said “all options are on the table” regarding Nigeria’s refineries.

A statement issued by the company on Wednesday quoted Ojulari as saying, “Selling the Port Harcourt refinery would be ill-advised and sub-commercial.” He emphasized that the company’s latest position is not a reversal but is informed by detailed technical and financial assessments of the Port Harcourt, Kaduna, and Warri refineries.

Ojulari further disclosed that the previous plan to operate the Port Harcourt refinery before completing its full rehabilitation was found to be “ill-informed and sub-commercial.”

“Although progress is ongoing across all three refineries, current reviews indicate the need for more advanced technical partnerships to complete and high-grade the Port Harcourt facility. Selling the asset at this stage would likely lead to further value erosion,” the statement added.

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