The Nigerian National Petroleum Company Limited (NNPC Ltd) has dismissed reports of selling the Port Harcourt Refining Company, pledging instead to fully rehabilitate and retain the state-owned facility.
Group CEO Bayo Ojulari made the announcement during a company-wide town hall meeting in Abuja, ending weeks of speculation over the refinery’s future.
In a statement made available to The News Chronicle, NNPC said an ongoing review showed that earlier plans to operate the plant before completing its overhaul were “ill-informed and subcommercial.”
The company stressed that selling the refinery would worsen value erosion and emphasized the need for stronger technical partnerships to complete the project.
