NNPCL Rules Out Sale of Port Harcourt Refining Company, Commits to Full Rehabilitation

The Nigerian National Petroleum Company Limited (NNPCL) has categorically ruled out plans to sell the Port Harcourt Refining Company (PHRC), reaffirming its commitment to complete high-quality rehabilitation and retain state ownership of the refinery complex.

In a press briefing following growing speculation about divestment, NNPCL’s spokesperson Olufemi Soneye clarified that the Port Harcourt refinery—comprising both the old and newer units—is undergoing phased refurbishment and will remain under federal control. The company stated that the facility is currently operating at 70% capacity, with plans to ramp up to 90%. Blending practices being used are described as standard globally.

Strategic Context

The announcement comes amid ongoing operational reviews by NNPCL. In a public address at the 2025 OPEC Seminar in Vienna, Group CEO Bayo Ojulari reiterated that while “all options are on the table”, the sale of the refinery is not currently being pursued. Any decision regarding divestment would depend on the outcome of comprehensive strategic evaluations scheduled to conclude by year-end.

He reaffirmed that the $1.5 billion rehabilitation project, approved in 2021 and still ongoing, is being managed with the goal of restoring full operational capacity. The planned overhaul ties into broader downstream reform efforts across Nigeria's refinery network, including facilities in Kaduna and Warri.