The Nigerian National Petroleum Company Limited (NNPCL) has made the bold decision to not sell the Port Harcourt Refining Company and to instead undertake a thorough rehabilitation in order to guarantee its continued functioning.
Weeks of conjecture on the future of the state-owned refinery, Nigeria's
largest, came to an end when Group CEO Bayo Ojulari spoke to staff at a town
hall meeting held at NNPC Towers in Abuja.
NNPCL’s official statement
emphasized, “The Company has firmly
dismissed any plans to sell the Port Harcourt Refining Company. Our focus is on
completing a high-quality rehabilitation and retaining this critical asset.”
The statement also noted that a prior decision to operate the refinery before completing its rehabilitation was deemed premature and financially unsound.
While progress continues on all
fronts, NNPCL is now seeking advanced technical partnerships to enhance and
finalize the refinery’s overhaul.
“Selling the refinery is not an
option, as it would result in significant value loss,” the statement
concluded.
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