The Nigerian National Petroleum Company Limited (NNPC) Ltd has officially ruled out the sale of the Port Harcourt Refining Company, reaffirming its commitment to completing the high-graded rehabilitation and retention of the plant. The Group Chief Executive Officer (GCEO) of NNPC Limited, Bashir Bayo Ojulari, announced this at a company-wide town hall meeting on Tuesday at the NNPC Towers, Abuja.
Ojulari stated that the decision to retain the Port Harcourt refinery is informed by ongoing detailed technical and financial reviews of the refinery. The review indicates that the earlier decision to operate the refinery prior to full completion of its rehabilitation was ill-informed and sub-commercial. The NNPC Limited GCEO emphasized that selling the refinery would lead to further value erosion and is therefore highly unlikely.
The NNPC Limited GCEO noted that the company is exploring advanced technical partnerships to complete and high-grade the rehabilitation of the Port Harcourt refinery. This move is expected to enhance the refinery's operational efficiency and productivity. The company's commitment to completing the rehabilitation of the refinery is a testament to its mandate as a strategic custodian of national energy infrastructure.
The town hall meeting served as an opportunity for candid and constructive engagement, where the Executive Vice Presidents presented progress reports from various business units. The meeting highlighted operational achievements, ongoing reforms, and areas requiring attention. The NNPC Limited GCEO's tone was marked by honesty and leadership, acknowledging challenges and earlier missteps, and outlining a clear roadmap for the journey ahead.
The announcement was received with applause from hundreds of staff attendees, who described the position as a renewed sense of business-focused direction across the organization. Feedback during and after the session revealed a workforce energized and aligned with the leadership's vision. The atmosphere reflected an optimistic outlook among employees and hopefulness about the company's evolving strategic direction.
The NNPC Limited's decision to retain the Port Harcourt refinery and complete its rehabilitation is a welcome development. This move demonstrates the company's commitment to delivering on its mandate and ensuring the long-term viability of Nigeria's refineries. We commend the NNPC Limited for this decision and urge the company to continue to prioritize transparency, accountability, and performance in its operations. With this commitment, Nigeria can look forward to a more secure and prosperous energy future.
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