The Nigerian National Petroleum Company Limited has ruled out selling the Port Harcourt Refining Company, reaffirming its commitment to completing the plant’s rehabilitation and retaining ownership.

Group Chief Executive Officer, Bashir Ojulari, made the disclosure during a town hall meeting on Tuesday at the NNPCL Towers in Abuja.

Ojulari clarified that the decision is not a policy reversal but stems from ongoing technical and financial reviews of the Port Harcourt, Kaduna, and Warri refineries.

Ojulari disclosed that earlier plans to begin operations at the Port Harcourt refinery before fully completing its rehabilitation were deemed “ill-informed and sub-commercial” based on emerging insights.

While rehabilitation work continues across all three facilities, he stressed that more advanced technical partnerships are now required to complete the upgrades.

He added that a sale would likely result in further value erosion.

Recall, Ojulari during an interview with Bloomberg, said that “all options are on the table”.

The comment had sparked speculation and headlines regarding the future of Nigeria’s refining assets.